Tilray (NASDAQ:TLRY) Trading Down 1.5% – Time to Sell?

Tilray Inc (NASDAQ:TLRY) shares dropped 1.5% during trading on Wednesday . The stock traded as low as $1.62 and last traded at $1.63. Approximately 8,519,988 shares traded hands during trading, a decline of 66% from the average daily volume of 25,141,068 shares. The stock had previously closed at $1.65.

Analyst Upgrades and Downgrades

Separately, Roth Mkm reduced their target price on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research report on Friday.

Tilray Stock Performance

The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -4.79 and a beta of 2.13. The company has a current ratio of 2.27, a quick ratio of 1.42 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average of $1.76 and a 200-day moving average of $1.86.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Tilray had a negative return on equity of 2.63% and a negative net margin of 30.26%. The business had revenue of $200.00 million for the quarter, compared to the consensus estimate of $218.70 million. During the same quarter in the previous year, the business earned ($0.10) EPS. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. As a group, sell-side analysts predict that Tilray Inc will post -0.16 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

Institutional investors have recently bought and sold shares of the business. Bank of Montreal Can boosted its holdings in shares of Tilray by 19.6% in the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock valued at $3,622,000 after acquiring an additional 355,778 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Tilray during the 1st quarter worth about $118,000. Avantax Advisory Services Inc. raised its stake in shares of Tilray by 46.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 53,110 shares of the company’s stock valued at $131,000 after buying an additional 16,792 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Tilray in the 1st quarter valued at about $75,000. Finally, CIBC Asset Management Inc boosted its stake in shares of Tilray by 13.3% in the second quarter. CIBC Asset Management Inc now owns 871,299 shares of the company’s stock worth $1,445,000 after buying an additional 102,316 shares during the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.