Tilray (NASDAQ:TLRY) Price Target Cut to $4.00

Tilray (NASDAQ:TLRY) had its price objective dropped by equities research analysts at Canaccord Genuity Group from $4.25 to $4.00 in a report released on Wednesday, BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 110.53% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Alliance Global Partners raised their target price on Tilray from $2.25 to $2.75 and gave the company a “neutral” rating in a research report on Friday, April 5th. CIBC decreased their target price on Tilray from $2.25 to $2.00 and set a “neutral” rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Tilray has a consensus rating of “Hold” and an average price target of $2.71.

Tilray Stock Performance

NASDAQ TLRY opened at $1.90 on Wednesday. The company has a market cap of $1.41 billion, a PE ratio of -0.86 and a beta of 2.36. The stock’s 50 day simple moving average is $1.97 and its 200-day simple moving average is $1.98. Tilray has a 1-year low of $1.50 and a 1-year high of $3.40. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.63 and a quick ratio of 0.99.

Institutional Investors Weigh In On Tilray

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Clear Street Markets LLC acquired a new stake in shares of Tilray in the third quarter valued at approximately $25,000. Macquarie Group Ltd. increased its holdings in shares of Tilray by 188.8% in the second quarter. Macquarie Group Ltd. now owns 8,540 shares of the company’s stock valued at $27,000 after purchasing an additional 5,583 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $27,000. Lake Street Financial LLC acquired a new stake in shares of Tilray in the third quarter valued at approximately $28,000. Finally, Gainplan LLC acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 9.35% 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.