On June 10, Tilray (TLRY) rose 12.1%. The company issued a press release related to a lockout period extension for one of its biggest shareholders. The shareholder accounts for nearly 77% of the company’s shares. The extension would likely soften the downside impact after the lockout expires. During a lockout, a shareholder has restrictions regarding selling shares in a company. Read Why Has Tilray Surged Today? to learn more.

Tilray: Consensus Target Price Is Lower in June

Lower consensus trends

While the news brought some relief to shareholders, Tilray’s overall consensus target price in June was even lower compared to a month ago. The company’s current target price for the next 12 months was $82.4, which was lower than the consensus of $94.9 in May.

The overall consensus rating on the stock was a “hold.” While ten analysts had a “hold” rating on the stock, only three analysts had a “buy” rating on the stock for the next 12-month period. While the ratings on the stock haven’t changed over the last month, the decline in the target price shows extended bearishness on the stock. There might be weakness in the company’s outlook in the near term.

In May, the cannabis sector benchmarks ended broadly in the negative territory—a continuation of the trend from April. The Horizonz Marijuana Life Sciences ETF (HMMJ) lost 13%, while the ETFMG Alternative Harvest ETF (MJ) lost ~13%.

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