TLRY Stock Set to Snap Losing Streak on $3.3M Germany Deal

Tilray's CEO called it a "significant milestone"

A Portuguese subsidiary of Tilray Inc (NASDAQ:TLRY) signed a dealwith Cannamedical Pharma to ship $3.3 million worth of medical cannabis to Germany by the fall. "This is a significant milestone for Tilray," said CEO Brendan Kennedy. As a result, TLRY stock is up 3.9% at $30.45 -- set to snap its five-day losing streak.

The losing streak started on Aug. 14, after Tilray reported disappointing earnings, and was exacerbated by an extreme bear note from Vertical Group. The equity subsequentlytouched a one-year low of $28.72 just yesterday, and Tilray's 14-day Relative Strength Index of 27 sits firmly in "oversold" territory. This means a short-term bounce may have been in the cards for the pot stock.

Vertical Group isn't the only one with reservations about TLRY. Eleven of the analysts following the stock consider it a "hold" or worse, while only three call it a "strong buy." On the other hand, the consensus 12-month target price of $64.40 more than doubles current levels.

While short interest fell slightly during the last reporting period, the 6.71 million shares sold short represent a hefty 37.5% of the stock's available float. It would take nearly a week to cover all these pessimistic positions, at TLRY's average pace of trading.