Should Investors Buy or Sell Tilray Right Now?
Tilray (NASDAQ: TLRY) quickly earned a reputation of being a hot pot stock back in 2018, with its stock price surging from $29.77 in July 2018 to peaking at $214.06 in October 2018 after becoming the first cannabis company to go public on a U.S. exchange. Since then, it's become clear the stock was a victim of industry overexcitement, losing more than 85% of its market cap once the intial allure wore off.
Now with a market cap of just $3 billion, Tilray received another piece of mixed news when Wall Street's top cannabis analyst, Vivien Azer of Cowen & Co, cut her target price for the company by 60%, down from $150 to only $60. While this is seen as a loss of confidence for the company as analysts recognize that the former heights seen by Tilray are no longer a realistic possibility, a $60 price tag is well above the $30.71 Tilray is currently trading around.
This begs the question of whether investors should consider Tilray a good buying opportunity right now, or whether they should just leave the stock alone?
Source Fool.com
