Tilray (NASDAQ:TLRY) Trading Down 4.6% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s stock price traded down 4.6% on Tuesday . The company traded as low as $0.64 and last traded at $0.65. 12,968,518 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 45,452,867 shares. The stock had previously closed at $0.68.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group upped their price target on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The stock has a market cap of $650.83 million, a price-to-earnings ratio of -2.31 and a beta of 2.13. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $1.11 and a 200-day simple moving average of $1.41.

Tilray (NASDAQ:TLRY) last issued its quarterly 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 firm had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The firm’s revenue was up 8.7% compared to the same quarter last year. Analysts forecast that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Tilray

Institutional investors have recently modified their holdings of the business. Creative Planning grew its holdings in Tilray by 36.6% during the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after acquiring an additional 38,054 shares during the period. International Assets Investment Management LLC boosted its position in shares of Tilray by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock worth $42,000 after purchasing an additional 18,208 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Tilray by 22.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock worth $70,000 after purchasing an additional 7,339 shares during the period. Vestor Capital LLC bought a new stake in Tilray in the third quarter valued at about $53,000. Finally, Concurrent Investment Advisors LLC acquired a new position in Tilray in the third quarter valued at about $110,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Company Profile

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.