The stock of Tilray, Inc. (NASDAQ:TLRY) is now priced at $6.45 and the shares are -0.26 points down or -3.87% lower compared to its previous closing price of $6.71. The stock had 4.431 million contracts set over the past session. TLRY shares’ daily volume is compared to its average trading volume at 0.007 billion shares. However, it has a float of 60.16 million and although its performance was -2.57% over the week, it’s one to watch. Analysts have given the TLRY stock a yearly average price target of $8.58 per share. It means the stock’s upside potential is 33.02% with the TLRY share price recently placing at $6.34 to $6.6. However, some brokerage firms have priced the stock below the average, including one that has called $6.
The shorts are climbing into the Tilray, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the TLRY shares have risen. Short interest in the stock represents just 37.07% of its float, but the volume has raised by 2483752. The volume of shorted shares rised to 22.303 million from 19.819 million shares over the last two weeks. The average intraday trading volume has been 8.346 million shares, which means that days to cover moved to roughly 2.672427.
In the last trading session, Tilray, Inc. (NASDAQ:TLRY) dropped by -$0.17 over the week and lost -$2.25 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $33.66. The stock recorded its established 52-week high on 09/06/19.
Since 03/18/20, the stock has traded to a low of $2.43 at 165.43%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Tilray, Inc.’s two-week RSI is 39.75. This suggests that the stock is neutral at the moment and that TLRY shares’ price movement remains stable. The stochastic readings are equally revealing at 23.03% meaning the TLRY share price is currently in overbought territory.
The technical chart shows that the TLRY stock will likely settle at between $6.59 and $6.72 per share. However, if the stock dips below $6.33, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.2.
Currently, the stock is trading in the red of MACD, with a reading of -0.04. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at The Benchmark Company though dropped target price of TLRY stock from $28 to $14 but maintained Buy recommendation in their May 12 review. Jefferies analysts downgraded their recommendation of the stock from Hold to Underperform while keeping its target price at $5 in a flash note released to investors on April 16. Consumer Edge Research seeing the stock struggling downgraded it from Overweight to Equal Weight on April 09.
The average rating for the TLRY equity is 3.06 and is currently gathering a bearish momentum. Of 16 analysts tracking Tilray, Inc. polled by Reuters, 12 rated TLRY as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Tilray, Inc. (NASDAQ:TLRY) will decrease by about -99.89%, which will see them reach $55.9 million. The company’s full-year revenues are, however, expected to increase by about 33.37%, up from $167 million to $223 million. TLRY’s expected adjusted earnings should drop almost -38.89% to end up at -$0.22 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -18.13% to record -$2.62/share.