Tilray (NASDAQ:TLRY) Shares Down 3.7% – Here’s Why

Tilray Inc (NASDAQ:TLRY) dropped 3.7% during trading on Thursday . The stock traded as low as $0.91 and last traded at $0.91. Approximately 16,658,641 shares changed hands during trading, a decline of 65% from the average daily volume of 47,119,441 shares. The stock had previously closed at $0.95.

Wall Street Analyst Weigh In

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

Tilray Trading Down 0.6 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The business’s 50 day moving average is $1.22 and its 200 day moving average is $1.51. The stock has a market cap of $885.15 million, a price-to-earnings ratio of -3.14 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The company had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. Tilray’s revenue was up 8.7% compared to the same quarter last year. As a group, equities analysts expect that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Tilray

In other Tilray news, CFO Carl A. Merton bought 26,000 shares of Tilray stock in a transaction dated Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, with a total value of $35,360.00. Following the completion of the acquisition, the chief financial officer now owns 26,000 shares of the company’s stock, valued at approximately $35,360. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tilray

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Montreal Can raised its holdings in shares of Tilray by 14.4% in the fourth quarter. Bank of Montreal Can now owns 2,488,982 shares of the company’s stock valued at $3,310,000 after buying an additional 312,476 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Tilray by 20.1% during the fourth quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company’s stock worth $3,200,000 after acquiring an additional 403,371 shares during the period. State Street Corp increased its stake in shares of Tilray by 4.7% during the third quarter. State Street Corp now owns 1,961,338 shares of the company’s stock worth $3,452,000 after acquiring an additional 88,079 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after acquiring an additional 1,690,827 shares during the period. Finally, Swiss National Bank increased its stake in shares of Tilray by 10.2% during the fourth quarter. Swiss National Bank now owns 1,776,638 shares of the company’s stock worth $2,363,000 after acquiring an additional 164,600 shares during the period. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Company Profile

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.