Tilray (TLRY) PT Lowered to $4.50 at Barclays on expanding share count

April 20, 2022 6:04 AM EDT
Get Alerts TLRY Hot Sheet
Price: $3.00 +4.53%

Rating Summary:
    4 Buy, 14 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 24
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Barclays analyst Gaurav Jain lowered the price target on Tilray (NASDAQ: TLRY) to $4.50 (from $8.50) while maintaining a Underweight rating on the expanding share count.

The analyst commented, "Per its 10-Q, Tilray is planning to sell $400mn of shares at market, of which it has already sold 17mn shares for $88mn, i.e. at a c$5.2 share price. This suggests c13% dilution. Considering that management is happy to sell shares at this price, we think it is fair to assume that management thinks this is a reasonable stock price for the company. Our revised $4.5 PT is based on a SOTP model, but should also be seen in context of the $5.2 price at which this dilution is happening. We acknowledge that management is trying to address a very difficult market situation proactively."

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