Tilray (NASDAQ:TLRY) Downgraded to Neutral at CIBC

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

TLRY has been the subject of several other reports. Piper Sandler reissued a neutral rating and set a $26.00 price target (up from $15.00) on shares of Tilray in a research report on Thursday, February 25th. Jefferies Financial Group raised shares of Tilray from an underperform rating to a buy rating and increased their price target for the company from $4.77 to $23.00 in a research report on Friday, May 7th. Bank of America assumed coverage on shares of Tilray in a research report on Wednesday, April 28th. They set a buy rating for the company. Roth Capital increased their price target on shares of Tilray from $10.00 to $25.00 in a research report on Thursday, February 18th. Finally, Benchmark reissued a hold rating on shares of Tilray in a research report on Thursday, February 25th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $20.38.

NASDAQ:TLRY opened at $20.05 on Thursday. Tilray has a 1-year low of $4.41 and a 1-year high of $67.00. The business has a 50-day simple moving average of $17.38. The stock has a market capitalization of $8.97 billion, a price-to-earnings ratio of -7.43 and a beta of 2.64. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.82.

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 the Zacks’ consensus estimate of ($0.10) by ($0.09). Tilray had a negative return on equity of 51.07% and a negative net margin of 207.32%. The business had revenue of $48.02 million during the quarter, compared to analysts’ expectations of $61.86 million. As a group, sell-side analysts predict 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 stock in a transaction that occurred 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 transaction, the chief financial officer now owns 169,105 shares in the company, valued at approximately $2,506,136.10. The sale was disclosed in a filing with the SEC, which is available through this link. 16.75% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. ETF Managers Group LLC increased its holdings in Tilray by 7.9% in the 4th 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 during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Tilray by 13.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,498,866 shares of the company’s stock worth $56,800,000 after purchasing an additional 300,700 shares during the period. Graham Capital Management L.P. grew its stake in shares of 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 purchasing an additional 732,975 shares during the period. Founders Fund V Management LLC acquired a new stake in shares of Tilray during the 4th quarter worth approximately $5,008,000. Finally, TIG Advisors LLC acquired a new stake in shares of Tilray during the 1st quarter worth approximately $11,527,000. Institutional investors own 7.06% of the company’s stock.

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.

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