- Tilray (TLRY) stock rallies over 3% in the regular session on Tuesday.
- TLRY stock has been a sleeping beauty since back in February.
- TLRY releases its latest earnings on Thursday, October 7.
Tilray (TLRY) has been one of the favourite retail and WallStreetBets names for 2021 but has gone quiet of late. All that may be about to change as the company is due to release results on Thursday. Tilray was caught up in the original GameStop (GME) saga back in February of this year with a huge price spike. TLRY stock spiked to $67 on February 10, having traded at less than $10 a month earlier. Since February it has been in a steady and at times sharp decline lower as interest waned and retail traders moved on to other names. Cannabis stocks in general also seemed to lose the interest of the market.
Tilray is a cannabis producer that grows and produces medicinal and recreational cannabis and supplies these products to pharmaceutical distributors. The majority of its sales business is Canadian as the US is slowly opening up cannabis markets. Tilray also exports to Australia, Canada and Germany and produces medicinal cannabis in Europe.
Tilray (TLRY) stock news
| Market Cap | $4.95 billion |
| Enterprise Value | $3.78 billion |
| Price/Earnings (P/E) | |
|
Price/Book |
1.07 |
| Price/Sales | 5.6 |
| Gross Margin | 7% |
| Net Margin | -207% |
| EBITDA | $-95 million |
| 52 week low | $67 |
| 52 week high | $4.98 |
| Average Wall Street rating and price target |
Hold $15.30 |
Tilray results are due tomorrow on October 7. The results are expected to show a loss of $0.08 per share. Revenue is expected to come in at $172.6 million. The earnings are to be released before the market opens. Tilray has begun to recapture some attention from retail traders as a number of US states hold hearings or votes on marijuana decriminalization or legalisation. According to Bloomberg, the New York Cannabis Control Board held its first meeting on Tuesday, and Ohio is to see a dozen cities vote on decriminalization next month.
Tilray (TLRY) stock forecast
The chart does not make for pretty viewing, but this chart has been totally overpowered by the spike back in February. Ignoring this or at least looking at a later timeframe, we can still see the strong downtrend in place. Recently, some bottoming out may be occurring, but confirmation would be needed to be sure. Confirmation would come from a spike above the downward sloping trend line and the Relative Strenght Index (RSI) breaking out of its own downtrend and getting above 50. The only notable thing is the RSI has put in a potential bullish reversal with the low in TLRY stock price not being matched by a low in the RSI. As we say though this needs confirmation, and perhaps the earnings tomorrow may be the catalyst.
Getting above $12.40 will look like a breakout to us and put the bearish trend at an end. From here until $19 volume is heavy, so price gains will be hard work.
FXStreet View: Bearish, neutral above $12.40, bullish above $16.67.
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