Tilray (NASDAQ:TLRY) Trading Down 3.7% – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) traded down 3.7% during trading on Thursday . The company traded as low as $0.91 and last traded at $0.91. 16,658,641 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 47,119,441 shares. The stock had previously closed at $0.95.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group raised their price objective on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.70.

Tilray Stock Performance

The business’s fifty day simple moving average is $1.20 and its 200-day simple moving average is $1.50. The firm has a market cap of $874.65 million, a P/E ratio of -3.11 and a beta of 2.07. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last posted its earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The business had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. Tilray’s revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in Tilray by 22.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock valued at $70,000 after acquiring an additional 7,339 shares during the period. Bank of Montreal Can grew its stake in shares of Tilray by 0.3% in the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock worth $3,787,000 after buying an additional 7,406 shares during the last quarter. Newman Dignan & Sheerar Inc. increased its position in Tilray by 61.9% during the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after buying an additional 10,000 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Tilray by 55.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,875 shares of the company’s stock valued at $42,000 after buying an additional 11,325 shares during the last quarter. Finally, Pallas Capital Advisors LLC grew its stake in shares of Tilray by 58.1% in the third quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock worth $52,000 after acquiring an additional 11,632 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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.