Tilray (NASDAQ:TLRY) Stock Price Down 1.4% – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) dropped 1.4% during mid-day trading on Wednesday . The stock traded as low as $1.07 and last traded at $1.08. Approximately 14,307,509 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 40,900,289 shares. The stock had previously closed at $1.09.

Analyst Upgrades and Downgrades

TLRY has been the topic of several research analyst reports. Roth Mkm cut their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research report on Friday, October 11th. Canaccord Genuity Group raised their price objective on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Tilray presently has an average rating of “Hold” and an average target price of $2.70.

Tilray Price Performance

The firm has a 50 day moving average price of $1.28 and a two-hundred day moving average price of $1.56. The company has a market cap of $984.54 million, a P/E ratio of -3.50 and a beta of 2.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54.

Tilray (NASDAQ:TLRY) last posted its 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). The business had revenue of $210.90 million during 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 company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts predict that Tilray Inc will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Carl A. Merton purchased 26,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $35,360. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its holdings in Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after purchasing an additional 1,690,827 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Tilray in the third quarter worth $1,348,000. Bank of Montreal Can boosted 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 valued at $3,622,000 after buying an additional 355,778 shares during the period. Creative Planning grew its position in Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after buying an additional 38,054 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Tilray by 11.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock worth $1,131,000 after acquiring an additional 70,605 shares during the last quarter. 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.