Tilray (NASDAQ:TLRY) Lowered to “Neutral” at CIBC

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.

A number of other analysts have also weighed in on the stock. Jefferies Financial Group raised shares of Tilray from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $4.77 to $23.00 in a research note on Friday, May 7th. Canaccord Genuity began coverage on shares of Tilray in a research report on Thursday, May 6th. They issued a “buy” rating and a $17.00 price target for the company. Cowen began coverage on shares of Tilray in a report on Tuesday, May 11th. They set an “outperform” rating on the stock. Benchmark restated a “hold” rating on shares of Tilray in a report on Thursday, February 25th. Finally, BMO Capital Markets lifted their price target on Tilray from $9.00 to $22.00 and gave the company a “market perform” rating in a report on Thursday, February 18th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.38.

Shares of NASDAQ:TLRY traded down $1.38 during trading on Thursday, reaching $20.05. 33,519,399 shares of the company were exchanged, compared to its average volume of 34,954,215. The business’s fifty day simple moving average is $17.43. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.82. Tilray has a 12-month low of $4.41 and a 12-month high of $67.00. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of -7.43 and a beta of 2.64.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings data on Monday, May 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.09). The firm had revenue of $48.02 million during the quarter, compared to the consensus estimate of $61.86 million. Tilray had a negative return on equity of 51.07% and a negative net margin of 207.32%. On average, sell-side analysts expect 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 completion of the transaction, the chief financial officer now directly owns 169,105 shares of the company’s stock, valued at approximately $2,506,136.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 16.75% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in TLRY. Scotia Capital Inc. increased its position in shares of Tilray by 3.0% in the 4th quarter. Scotia Capital Inc. now owns 12,955 shares of the company’s stock valued at $107,000 after acquiring an additional 380 shares during the period. Tradewinds Capital Management LLC increased its holdings in shares of Tilray by 25.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 3,500 shares of the company’s stock valued at $29,000 after purchasing an additional 700 shares during the period. Global Retirement Partners LLC increased its holdings in shares of Tilray by 71.8% in the first quarter. Global Retirement Partners LLC now owns 1,735 shares of the company’s stock valued at $39,000 after purchasing an additional 725 shares during the period. CWM LLC raised its stake in shares of Tilray by 165.1% in the first quarter. CWM LLC now owns 1,328 shares of the company’s stock worth $30,000 after purchasing an additional 827 shares during the last quarter. Finally, The PNC Financial Services Group Inc. lifted its holdings in shares of Tilray by 14.7% during the first quarter. The PNC Financial Services Group Inc. now owns 6,564 shares of the company’s stock worth $150,000 after purchasing an additional 840 shares during the period. 7.06% of the stock is currently owned by hedge funds and other 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.

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