Tilray (NASDAQ:TLRY) Trading Down 0.6% After Analyst Downgrade

Tilray Inc (NASDAQ:TLRY)’s stock price was down 0.6% on Friday after Roth Mkm lowered their price target on the stock from $2.00 to $1.75. Roth Mkm currently has a neutral rating on the stock. Tilray traded as low as $1.55 and last traded at $1.58. Approximately 7,840,822 shares traded hands during trading, a decline of 69% from the average daily volume of 25,248,191 shares. The stock had previously closed at $1.59.

Hedge Funds Weigh In On Tilray

Several large investors have recently added to or reduced their stakes in the company. Tidal Investments LLC grew its stake in shares of 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 purchasing an additional 10,648,403 shares during the period. Vanguard Group Inc. boosted its stake in Tilray by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 3,525,160 shares of the company’s stock valued at $8,707,000 after buying an additional 117,891 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Tilray by 8.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,679,532 shares of the company’s stock valued at $6,699,000 after acquiring an additional 213,834 shares during the period. Bank of Montreal Can raised its stake in Tilray by 19.6% during the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after acquiring an additional 355,778 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Tilray by 3.6% during the first quarter. Swiss National Bank now owns 1,490,938 shares of the company’s stock valued at $3,683,000 after acquiring an additional 51,700 shares during the period. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Price Performance

The company’s 50 day moving average price is $1.76 and its 200 day moving average price is $1.86. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.42 and a current ratio of 2.27. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -4.79 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). The firm had revenue of $200.00 million during the quarter, compared to analysts’ expectations of $218.70 million. Tilray had a negative return on equity of 2.63% and a negative net margin of 30.26%. The business’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm posted ($0.10) EPS. On average, equities research analysts predict that Tilray Inc will post -0.16 earnings per share for the current fiscal year.

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.