Shares of Tilray (NASDAQ: TLRY) extended their brutal two-day decline on Friday. At the close of trading, the price of cannabis shares fell 9.8% and a total of 56.7% from its highs on Wednesday.
GLJ Research analyst Gordon Johnson asked investors to sell their shares in Tilray on Thursday – and sell what they did.
Johnson did not chop exactly words. He placed a $ 0 price forecast on Tilray’s shares. In essence, Johnson predicts that marijuana the producer will collapse before the end of 2022 due to its “gloomy” prospects.
In addition, Johnson claimed that the Reddit-driven rally in weed stocks was likely to have ended. Because of their larger stock counts, he said traders would find it harder to drive their prices as high as they did with stocks like GameStop.
While Johnson may be right in the short-term Reddit rally in bursting pot containers, his long-term forecasts for Tilray seem far too bleak. Tilray is moving forward with his impending merger with Africa – a combination that will create a powerhouse in the cannabis industry.
Investors will have a chance to check the progress of the merger when Tilray reports its fourth-quarter financial results following the market closing on 17 February. Shareholders may also want to cancel Tilray’s earnings conference on the same day at 17.00 EST.
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