Tilray (NASDAQ:TLRY) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Tilray (NASDAQ:TLRY) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. They currently have $48.00 price target on the stock.

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. “

Several other analysts have also recently weighed in on TLRY. Jefferies Financial Group raised Tilray from an underperform rating to a hold rating and cut their price objective for the company from $61.00 to $57.00 in a research report on Friday, May 3rd. Oppenheimer initiated coverage on Tilray in a research report on Tuesday, June 4th. They set a market perform rating on the stock. Alliance Global Partners initiated coverage on Tilray in a research report on Monday, May 13th. They set a neutral rating and a $50.00 price objective on the stock. Piper Jaffray Companies cut their price objective on Tilray from $84.00 to $72.00 and set an overweight rating on the stock in a research report on Wednesday, May 15th. Finally, Stifel Nicolaus initiated coverage on Tilray in a research report on Wednesday, June 5th. They set a hold rating and a $37.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Tilray currently has a consensus rating of Hold and an average price target of $67.24.

Tilray stock opened at $31.31 on Tuesday. The stock’s 50 day simple moving average is $43.53 and its two-hundred day simple moving average is $54.88. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.06 and a current ratio of 2.35. The stock has a market cap of $3.04 billion and a price-to-earnings ratio of -38.18. Tilray has a fifty-two week low of $28.88 and a fifty-two week high of $300.00.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ 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 41.48%. The business’s revenue was up 373.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) earnings per share. On average, analysts predict that Tilray will post -0.92 earnings per share for the current year.

In other news, Director Christine St.Clare sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $50.01, for a total value of $200,040.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of TLRY. ETF Managers Group LLC bought a new stake in shares of Tilray in the 2nd quarter worth approximately $92,004,000. Zevenbergen Capital Investments LLC boosted its position in shares of Tilray by 37.1% in the 1st quarter. Zevenbergen Capital Investments LLC now owns 730,280 shares of the company’s stock worth $47,848,000 after purchasing an additional 197,540 shares in the last quarter. Think Investments LP bought a new stake in shares of Tilray in the 2nd quarter worth approximately $7,031,000. Morgan Stanley boosted its position in shares of Tilray by 44.2% in the 2nd quarter. Morgan Stanley now owns 330,527 shares of the company’s stock worth $15,390,000 after purchasing an additional 101,375 shares in the last quarter. Finally, Vanguard Group Inc. bought a new stake in shares of Tilray in the 2nd quarter worth approximately $3,484,000. 2.28% 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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