Tilray (NASDAQ:TLRY) Shares Down 7.8%

Shares of Tilray Inc (NASDAQ:TLRY) dropped 7.8% during trading on Monday . The company traded as low as $1.68 and last traded at $1.72. Approximately 8,714,957 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 26,000,855 shares. The stock had previously closed at $1.86.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Canaccord Genuity Group decreased their target price on shares of Tilray from $4.25 to $4.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. CIBC decreased their price objective on shares of Tilray from $2.25 to $2.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 10th.

Tilray Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.27 and a quick ratio of 1.18. The stock has a market cap of $1.35 billion, a P/E ratio of -3.98 and a beta of 2.19. The stock has a 50-day simple moving average of $1.78 and a 200-day simple moving average of $1.89.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The company had revenue of $229.90 million during the quarter, compared to analyst estimates of $226.20 million. Tilray had a negative net margin of 30.26% and a negative return on equity of 2.63%. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.15) earnings per share. Research analysts forecast that Tilray Inc will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TLRY. Tidal Investments LLC raised its holdings in Tilray by 36,687.0% in the 1st quarter. Tidal Investments LLC now owns 10,677,428 shares of the company’s stock valued at $26,373,000 after buying an additional 10,648,403 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Tilray by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,525,160 shares of the company’s stock valued at $8,707,000 after acquiring an additional 117,891 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 purchasing an additional 213,834 shares during the period. Swiss National Bank increased its holdings in Tilray by 3.6% in the first quarter. Swiss National Bank now owns 1,490,938 shares of the company’s stock valued at $3,683,000 after purchasing an additional 51,700 shares during the period. Finally, TD Asset Management Inc raised its position in Tilray by 8.1% during the 2nd quarter. TD Asset Management Inc now owns 1,373,045 shares of the company’s stock worth $2,278,000 after purchasing an additional 103,207 shares during the last quarter. 9.35% of the stock is currently 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 Nanaimo, Canada.