Northland Securities Reaffirms Buy Rating for Ayr Strategies (OTCMKTS:AYRSF)

Northland Securities reissued their buy rating on shares of Ayr Strategies (OTCMKTS:AYRSF) in a report released on Friday, reports. The firm currently has 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 wrote.

OTCMKTS AYRSF traded up $2.00 on Friday, reaching $13.00. The company had a trading volume of 13,120 shares, compared to its average volume of 28,131. Ayr Strategies has a fifty-two week low of $7.46 and a fifty-two week high of $19.70.

Ayr Strategies Company Profile

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.

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