The last couple of days haven’t been kind to cannabis stock Tilray (TSE:TLRY) (NYSE:TLRY). Yesterday, it unveiled a new contest, and today, it introduced a new oatmeal. All of this left investors flat and Tilray shares fell fractionally in Thursday afternoon’s trading.
Tilray—or rather its Manitoba Harvest imprint—brought out what it calls “Superseed Oatmeal,” a kind of hot cereal that comes in different flavors: unflavored, apple, cinnamon, and, as is pretty much required for a Canadian grain product, maple and brown sugar.
This instant oatmeal packs a hefty punch nutrient-wise; it’s got not only 10 grams of protein per serving but also eight grams of both Omega 3 and Omega 6 acids, along with four grams of fiber. This is all from a 1.8-ounce serving package, and, in an astonishing twist, one of the grains involved in this new oatmeal is actually hemp hearts.
Going for the Gold Goes Flat
So, while you’ll get a pretty potent breakfast from a combination of oats, flavoring, and hemp hearts, Tilray also brought back its Go Gold Sweepstakes in coordination with Nitro Irish Stout. With St. Patrick’s Day just a week from Sunday, the time was pretty right to bring out a beer-related promotion.
Tilray—via its Breckinridge Brewery subsidiary—is offering 100 golden cans of Nitro Irish in 12 packs. Those who find a golden can may enter the sweepstakes, and the winner gets a free trip for two to Ireland. None of this, sadly, was enough to bolster Tilray’s share price in Thursday’s trading.
What Is the Target Price for Tilray?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TLRY stock based on two Buys and five Holds assigned in the past three months, as indicated by the graphic below. After a 38.75% loss in its share price over the past year, the average TLRY price target of C$3.56 per share implies 62.17% upside potential.
