Tilray (NASDAQ:TLRY) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Tilray (NASDAQ:TLRY) from a buy rating to a sell rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Tilray, Inc. is a pharmaceutical company. It develops cannabis based medicines, drugs, drops and oil products. Tilray, Inc. is based in NANAIMO, Canada. “

TLRY has been the topic of several other reports. Compass Point cut their price target on shares of Tilray from $41.00 to $38.00 and set a sell rating on the stock in a report on Monday, June 17th. Northland Securities restated a hold rating on shares of Tilray in a research note on Wednesday, August 14th. Consumer Edge initiated coverage on shares of Tilray in a research note on Friday, June 28th. They issued an overweight rating and a $54.00 target price on the stock. Piper Jaffray Companies dropped their target price on shares of Tilray from $84.00 to $72.00 and set an overweight rating on the stock in a research note on Wednesday, May 15th. Finally, Jefferies Financial Group upgraded shares of Tilray from an underperform rating to a hold rating and dropped their target price for the stock from $61.00 to $57.00 in a research note on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. Tilray has an average rating of Hold and an average target price of $67.24.

Shares of NASDAQ:TLRY opened at $29.93 on Friday. The company has a market capitalization of $2.97 billion and a price-to-earnings ratio of -36.50. Tilray has a 12 month low of $28.90 and a 12 month high of $300.00. The firm’s 50-day moving average is $42.60 and its 200 day moving average is $54.52. The company has a current ratio of 2.04, a quick ratio of 2.06 and a debt-to-equity ratio of 1.21.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.09). The firm had revenue of $45.90 million for the quarter, compared to the consensus estimate of $40.25 million. Tilray had a negative net margin of 121.73% and a negative return on equity of 37.64%. The business’s revenue for the quarter was up 373.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.17) earnings per share. As a group, equities analysts forecast that Tilray will post -1.05 EPS for the current fiscal year.

In other Tilray news, Director Christine St.Clare sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $50.01, for a total value of $200,040.00. The sale was disclosed in a filing with the SEC, which is available through this link. 3.40% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Regal Investment Advisors LLC bought a new position in shares of Tilray during the first quarter valued at approximately $201,000. Millennium Management LLC boosted its stake in shares of Tilray by 255.6% during the fourth quarter. Millennium Management LLC now owns 8,402 shares of the company’s stock valued at $593,000 after purchasing an additional 6,039 shares in the last quarter. Hellman Jordan Management Co. Inc. MA bought a new position in shares of Tilray during the first quarter valued at approximately $3,276,000. Synovus Financial Corp boosted its stake in shares of Tilray by 2,500.0% during the first quarter. Synovus Financial Corp now owns 1,040 shares of the company’s stock valued at $69,000 after purchasing an additional 1,000 shares in the last quarter. Finally, National Asset Management Inc. bought a new position in shares of Tilray during the first quarter valued at approximately $362,000. Institutional investors and hedge funds own 5.25% 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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