Tilray (NASDAQ:TLRY) Sees Large Volume Increase on Earnings Beat

Shares of Tilray Inc (NASDAQ:TLRY) saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 21,364,246 shares were traded during trading, a decline of 15% from the previous session’s volume of 25,239,246 shares.The stock last traded at $1.57 and had previously closed at $1.63.

The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). Tilray had a negative return on equity of 2.63% and a negative net margin of 30.26%. The firm had revenue of $200.00 million for the quarter, compared to the consensus estimate of $218.70 million. During the same period in the prior year, the business posted ($0.10) earnings per share. The company’s revenue for the quarter was up 13.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, Roth Mkm dropped their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research note on Friday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System boosted its holdings in shares of Tilray by 4.4% during the 2nd quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock worth $360,000 after purchasing an additional 9,171 shares during the last quarter. CapWealth Advisors LLC raised its position in shares of Tilray by 12.5% during the 1st quarter. CapWealth Advisors LLC now owns 90,000 shares of the company’s stock valued at $222,000 after buying an additional 10,000 shares during the period. Private Advisor Group LLC raised its position in shares of Tilray by 7.3% during the 1st quarter. Private Advisor Group LLC now owns 175,845 shares of the company’s stock valued at $434,000 after buying an additional 12,021 shares during the period. Wellington Wealth Strategies LLC. purchased a new stake in shares of Tilray during the 4th quarter valued at approximately $29,000. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Tilray during the 1st quarter valued at approximately $37,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

Tilray Trading Up 2.5 %

The company has a market cap of $1.37 billion, a PE ratio of -4.94 and a beta of 2.13. The company has a quick ratio of 1.42, a current ratio of 2.27 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $1.75 and a 200-day simple moving average of $1.86.

About Tilray

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.