CIBC Downgrades Tilray (NASDAQ:TLRY) to Neutral

Tilray (NASDAQ:TLRY) was downgraded by equities research analysts at CIBC from an “outperform” rating to a “neutral” rating in a research report issued on Thursday, The Fly reports.

Other equities analysts have also recently issued reports about the company. Benchmark reiterated a “hold” rating on shares of Tilray in a report on Thursday, February 25th. Canaccord Genuity assumed coverage on shares of Tilray in a research note on Thursday, May 6th. They set a “buy” rating and a $17.00 target price for the company. Cowen initiated coverage on shares of Tilray in a research note on Tuesday, May 11th. They issued an “outperform” rating on the stock. Piper Sandler restated a “neutral” rating and issued a $26.00 price objective (up from $15.00) on shares of Tilray in a report on Thursday, February 25th. Finally, Jefferies Financial Group upgraded shares of Tilray from an “underperform” rating to a “buy” rating and lifted their target price for the company from $4.77 to $23.00 in a report on Friday, May 7th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Tilray currently has a consensus rating of “Hold” and a consensus target price of $20.38.

NASDAQ:TLRY traded down $1.38 on Thursday, hitting $20.05. The stock had a trading volume of 33,519,399 shares, compared to its average volume of 34,954,215. The stock has a fifty day moving average price of $17.43. Tilray has a 1-year low of $4.41 and a 1-year high of $67.00. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.40 and a current ratio of 1.91. The firm has a market capitalization of $8.97 billion, a PE ratio of -7.43 and a beta of 2.64.

Tilray (NASDAQ:TLRY) last released its quarterly earnings results on Monday, May 10th. The company reported ($0.19) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.09). The firm had revenue of $48.02 million for the quarter, compared to analysts’ expectations of $61.86 million. Tilray had a negative net margin of 207.32% and a negative return on equity of 51.07%. Analysts forecast that Tilray will post -1.14 EPS for the current year.

In other Tilray news, CFO Carl A. Merton sold 89,000 shares of the business’s stock in a transaction on Wednesday, May 12th. The shares were sold at an average price of $14.82, for a total value of $1,318,980.00. Following the completion of the transaction, the chief financial officer now owns 169,105 shares in the company, valued at $2,506,136.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 16.75% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. ETF Managers Group LLC grew its position in shares of Tilray by 7.9% during the fourth quarter. ETF Managers Group LLC now owns 6,973,209 shares of the company’s stock worth $57,599,000 after buying an additional 507,725 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Tilray by 13.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,498,866 shares of the company’s stock worth $56,800,000 after acquiring an additional 300,700 shares during the last quarter. Graham Capital Management L.P. grew its holdings in Tilray by 379.4% during the 1st quarter. Graham Capital Management L.P. now owns 926,165 shares of the company’s stock worth $21,051,000 after acquiring an additional 732,975 shares in the last quarter. Founders Fund V Management LLC purchased a new stake in shares of Tilray in the 4th quarter valued at approximately $5,008,000. Finally, TIG Advisors LLC acquired a new stake in shares of Tilray in the 1st quarter valued at $11,527,000. 7.06% of the stock is currently owned by institutional investors.

Tilray Company Profile

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Nanaimo, Canada.

Featured Article: Profit margin is different from the revenue

The Fly logo

Analyst Recommendations for Tilray (NASDAQ:TLRY)

Receive News & Ratings for Tilray Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tilray and related companies with MarketBeat.com's FREE daily email newsletter.