Grill company Traeger was overshadowed by Robinhood yesterday—it shouldn’t have been. 🔥 💸
Traeger had a much better market debut than $HOOD. Traeger priced shares for its IPO at $16-18, but the stock opened well above that range at $22. $COOK maintained its upside today, +0.95%.
Traeger won’t be the only one cooking up some price action, though. Earlier this month, BBQGuys started the process of going public after agreeing to merge with a SPAC. Next week, another Grill Master will join the barbeque mania when Weber makes its market debut on August 5.
What’s with the grilling rush?? Grill companies have benefited from stay-at-home cooking, but they also benefit from the return of BBQ SZN. According to CNBC, $1.8B of grills, smokers, stoves, and accessories were sold last quarter.
Consider this: grill and smoker sales (which represent $1.1B of the aforementioned $1.8B) are up 81% from the same quarter in 2019. In other words, grilling is doing better because of the pandemic. With figures that juicy, it’s obvious why investors want a bite out of these stocks. 🍔 🥩 😋