Cowen Trims Tilray (NASDAQ:TLRY) Target Price to $9.00

Tilray (NASDAQ:TLRYGet Rating) had its target price trimmed by Cowen from $23.00 to $9.00 in a research report released on Friday, The Fly reports.

A number of other research analysts have also commented on TLRY. Alliance Global Partners cut their price objective on shares of Tilray from $8.00 to $5.50 and set a neutral rating for the company in a research report on Monday, May 2nd. Canaccord Genuity Group cut their price objective on shares of Tilray from $9.00 to $7.00 in a research report on Wednesday, June 15th. Piper Sandler lowered their target price on shares of Tilray from $6.00 to $3.00 and set a neutral rating on the stock in a research note on Wednesday, June 15th. Roth Capital lowered their target price on shares of Tilray from $8.00 to $4.00 and set a neutral rating on the stock in a research note on Friday, July 15th. Finally, Barclays lowered their target price on shares of Tilray from $8.50 to $4.50 and set an underweight rating on the stock in a research note on Wednesday, April 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $7.27.

Tilray Price Performance

Tilray stock opened at $3.65 on Friday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 19.21 and a beta of 2.60. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.46 and a quick ratio of 1.50. Tilray has a fifty-two week low of $3.00 and a fifty-two week high of $15.51. The firm has a fifty day moving average price of $3.63 and a two-hundred day moving average price of $5.10.

Tilray (NASDAQ:TLRYGet Rating) last released its earnings results on Thursday, July 28th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.82). The firm had revenue of $153.30 million for the quarter, compared to analyst estimates of $151.53 million. Tilray had a negative return on equity of 0.78% and a net margin of 6.80%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.11) EPS. As a group, analysts forecast that Tilray will post -0.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Brendan Kennedy sold 350,000 shares of the firm’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $3.09, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 7,624,196 shares in the company, valued at $23,558,765.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.96% of the company’s stock.

Institutional Trading of Tilray

Several hedge funds and other institutional investors have recently modified their holdings of TLRY. Confluence Wealth Services Inc. acquired a new stake in Tilray in the 4th quarter worth about $30,000. Dupont Capital Management Corp acquired a new position in shares of Tilray in the 4th quarter valued at approximately $34,000. Farmers & Merchants Trust Co of Chambersburg PA raised its position in shares of Tilray by 320.0% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 5,250 shares of the company’s stock valued at $41,000 after buying an additional 4,000 shares in the last quarter. Moody National Bank Trust Division acquired a new position in shares of Tilray in the 2nd quarter valued at approximately $47,000. Finally, GFG Capital LLC acquired a new position in shares of Tilray in the 2nd quarter valued at approximately $47,000. Institutional investors own 13.84% of the company’s stock.

About Tilray

(Get Rating)

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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