Tilray (NASDAQ:TLRY) Downgraded to Neutral at CIBC

CIBC downgraded shares of Tilray (NASDAQ:TLRY) from an outperform rating to a neutral rating in a research report released on Thursday, The Fly reports.

Other analysts have also issued reports about the stock. BMO Capital Markets raised their price objective on shares of Tilray from $9.00 to $22.00 and gave the company a market perform rating in a research note on Thursday, February 18th. Cowen initiated coverage on shares of Tilray in a research note on Tuesday, May 11th. They issued an outperform rating for the company. Piper Sandler reiterated a neutral rating and issued a $26.00 price target (up from $15.00) on shares of Tilray in a research note on Thursday, February 25th. Jefferies Financial Group upgraded shares of Tilray from an underperform rating to a buy rating and lifted their price target for the stock from $4.77 to $23.00 in a research note on Friday, May 7th. Finally, Bank of America initiated coverage on shares of Tilray in a research note on Wednesday, April 28th. They issued a buy rating for the company. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Tilray presently has a consensus rating of Hold and an average target price of $20.38.

NASDAQ:TLRY opened at $20.05 on Thursday. The company has a market cap of $8.97 billion, a price-to-earnings ratio of -7.43 and a beta of 2.64. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.40 and a current ratio of 1.91. Tilray has a fifty-two week low of $4.41 and a fifty-two week high of $67.00. The company’s 50-day moving average price is $17.38.

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

In related news, CFO Carl A. Merton sold 89,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 12th. The shares were sold at an average price of $14.82, for a total transaction of $1,318,980.00. Following the completion of the sale, the chief financial officer now directly owns 169,105 shares in the company, valued at $2,506,136.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.75% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ETF Managers Group LLC grew its position in Tilray by 7.9% during the fourth quarter. ETF Managers Group LLC now owns 6,973,209 shares of the company’s stock valued at $57,599,000 after buying an additional 507,725 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Tilray by 13.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,498,866 shares of the company’s stock valued at $56,800,000 after purchasing an additional 300,700 shares in the last quarter. Graham Capital Management L.P. lifted its holdings in Tilray by 379.4% during the first quarter. Graham Capital Management L.P. now owns 926,165 shares of the company’s stock valued at $21,051,000 after purchasing an additional 732,975 shares in the last quarter. Founders Fund V Management LLC purchased a new position in Tilray during the fourth quarter valued at approximately $5,008,000. Finally, TIG Advisors LLC purchased a new position in Tilray during the first quarter valued at approximately $11,527,000. Institutional investors own 7.06% of the company’s stock.

About Tilray

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.

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