Tilray (NASDAQ:TLRY) Trading Down 1.5% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s stock price traded down 1.5% on Wednesday . The stock traded as low as $1.62 and last traded at $1.63. 8,519,988 shares changed hands during trading, a decline of 66% from the average session volume of 25,141,068 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

Separately, Roth Mkm decreased their target price on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday.

Tilray Stock Performance

The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -4.79 and a beta of 2.13. The firm has a fifty day simple moving average of $1.76 and a 200 day simple moving average of $1.86. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.27 and a quick ratio of 1.42.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $200.00 million during the quarter, compared to analyst estimates of $218.70 million. Tilray had a negative net margin of 30.26% and a negative return on equity of 2.63%. The firm’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.10) EPS. On average, analysts anticipate that Tilray Inc will post -0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray

Several hedge funds and other institutional investors have recently modified their holdings of TLRY. Tidal Investments LLC lifted its stake in Tilray by 36,687.0% in the 1st quarter. Tidal Investments LLC now owns 10,677,428 shares of the company’s stock worth $26,373,000 after purchasing an additional 10,648,403 shares in the last quarter. Vanguard Group Inc. lifted its position in Tilray by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,525,160 shares of the company’s stock worth $8,707,000 after buying an additional 117,891 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Tilray by 8.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,679,532 shares of the company’s stock worth $6,699,000 after buying an additional 213,834 shares during the last quarter. Bank of Montreal Can grew its holdings in Tilray by 19.6% in the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock valued at $3,622,000 after buying an additional 355,778 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Tilray by 3.6% in the 1st quarter. Swiss National Bank now owns 1,490,938 shares of the company’s stock worth $3,683,000 after acquiring an additional 51,700 shares during 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.