Tilray (NASDAQ:TLRY) Trading Down 0.6% – Should You Sell?

Shares of Tilray Inc (NASDAQ:TLRY) dropped 0.6% during mid-day trading on Tuesday . The stock traded as low as $0.67 and last traded at $0.68. Approximately 7,088,208 shares changed hands during trading, a decline of 84% from the average daily volume of 43,770,961 shares. The stock had previously closed at $0.68.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group boosted their price objective on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note 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.com, Tilray has a consensus rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

The stock has a market cap of $639.76 million, a price-to-earnings ratio of -2.27 and a beta of 2.13. The company’s 50-day simple moving average is $0.90 and its 200-day simple moving average is $1.29. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10.

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

Institutional Trading of Tilray

Hedge funds have recently bought and sold shares of the company. Lido Advisors LLC purchased a new position in shares of Tilray in the fourth quarter worth approximately $28,000. Dudley Capital Management LLC acquired a new stake in Tilray during the 4th quarter valued at $29,000. Verdence Capital Advisors LLC purchased a new stake in shares of Tilray in the fourth quarter valued at $29,000. Ameritas Advisory Services LLC purchased a new stake in shares of Tilray in the fourth quarter valued at $32,000. Finally, Newman Dignan & Sheerar Inc. grew its holdings in shares of Tilray by 61.9% during the fourth 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. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.