Tilray (NASDAQ:TLRY) Shares Down 3% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s stock price was down 3% during trading on Wednesday . The company traded as low as $0.66 and last traded at $0.66. Approximately 4,026,685 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 30,794,858 shares. The stock had previously closed at $0.68.

Analyst Ratings Changes

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

Tilray Stock Performance

The business’s fifty day moving average is $0.89 and its 200-day moving average is $1.28. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The company has a market cap of $610.41 million, a PE ratio of -2.19 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. The company’s revenue was up 8.7% compared to the same quarter last year. As a group, research analysts predict that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Trading of Tilray

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC lifted its position in shares of Tilray by 9.2% during the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after buying an additional 889,086 shares in the last quarter. Bank of Montreal Can lifted its holdings in Tilray by 14.4% during the fourth quarter. Bank of Montreal Can now owns 2,488,982 shares of the company’s stock valued at $3,310,000 after purchasing an additional 312,476 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tilray by 20.1% in the fourth quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company’s stock worth $3,200,000 after purchasing an additional 403,371 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Tilray by 54.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock worth $2,890,000 after purchasing an additional 769,569 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Tilray by 17.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company’s stock valued at $2,613,000 after purchasing an additional 286,481 shares during the period. 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.