Tilray (NASDAQ:TLRY) Trading Down 3.6% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s stock price dropped 3.6% on Monday . The stock traded as low as $0.67 and last traded at $0.67. Approximately 6,278,259 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 44,732,500 shares. The stock had previously closed at $0.69.

Analysts Set New Price Targets

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

Tilray Price Performance

The company has a fifty day moving average of $1.05 and a 200-day moving average of $1.38. 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 stock has a market cap of $610.04 million, a PE ratio of -2.17 and a beta of 2.13.

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

Hedge Funds Weigh In On Tilray

A number of institutional investors and hedge funds have recently made changes to their positions in TLRY. Wealth Enhancement Advisory Services LLC lifted its stake in Tilray by 22.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock worth $70,000 after acquiring an additional 7,339 shares during the last quarter. Bank of Montreal Can raised its holdings 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 valued at $3,787,000 after purchasing an additional 7,406 shares in the last quarter. Newman Dignan & Sheerar Inc. lifted its position in shares of Tilray by 61.9% during the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock worth $35,000 after purchasing an additional 10,000 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Tilray by 55.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,875 shares of the company’s stock worth $42,000 after purchasing an additional 11,325 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Tilray by 92.1% in the fourth quarter. NewEdge Advisors LLC now owns 27,406 shares of the company’s stock valued at $36,000 after buying an additional 13,136 shares during the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

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.