Northland Securities reiterated their buy rating on shares of Ayr Strategies (OTCMKTS:AYRSF) in a report published on Friday, AnalystRatings.com reports. They currently have a $18.00 price objective on the stock.
“We therefore maintain our OP rating & $18 PT. Ayr’s reported Q2:19 numbers only included ~5 weeks (37 days) of results, we’ve used the reported numbers to calculate pro forma (run- rate) quarterly performance. The company reported Q2 revenues and adjusted EBITDA of $26.3M and $7.3M, compared to our $28.7M and $7.9M estimates. While these were below our forecasts, Q1 adjusted EBITDA of $9.1M was well ahead of our $7.1M, making our full year 2019 adjusted EBITDA estimate of $34.2M still very achievable. Gross margins of ~54.5% were ahead of our ~50% estimate with higher than expected operating expenses driven by one-time transaction related expenses. Ayr provided some additional operational metrics beyond its Q2 results, which included notable improvements in average daily transactions and average ticket size in the month of July.”,” the firm’s analyst commented.
Ayr Strategies stock opened at $13.00 on Friday. Ayr Strategies has a 52 week low of $7.46 and a 52 week high of $19.70.
About Ayr Strategies
Ayr Strategies Inc is a vertically-integrated multi-state operator in cannabis sector in the United States. The company, through its subsidiaries, engages in the cultivation, manufacture, and retailer of cannabis products and branded cannabis packaged goods. Ayr Strategies Inc is based in New York, New York.
See Also: What does a hold rating mean?
Receive News & Ratings for Ayr Strategies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ayr Strategies and related companies with MarketBeat.com's FREE daily email newsletter.