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

Tilray Inc (NASDAQ:TLRY)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $0.95, but opened at $0.91. Tilray shares last traded at $0.84, with a volume of 10,580,293 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group increased their target price on Tilray from $2.00 to $3.00 and gave the stock 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Stock Performance

The stock has a market capitalization of $797.94 million, a PE ratio of -2.84 and a beta of 2.07. 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 firm has a fifty day moving average price of $1.17 and a two-hundred day moving average price of $1.46.

Tilray (NASDAQ:TLRY) last released 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 firm had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. The business’s quarterly revenue was up 8.7% on a year-over-year basis. Research analysts expect that Tilray Inc will post -0.2 EPS for the current year.

Institutional Trading of Tilray

A number of institutional investors have recently made changes to their positions in TLRY. Ferguson Wellman Capital Management Inc. purchased a new position in Tilray during the third quarter worth about $26,000. Lido Advisors LLC acquired a new stake in shares of Tilray in the 4th quarter valued at $28,000. Dudley Capital Management LLC acquired a new stake in Tilray in the fourth quarter valued at $29,000. Verdence Capital Advisors LLC acquired a new stake in Tilray during the fourth quarter worth approximately $29,000. Finally, International Assets Investment Management LLC lifted its position in Tilray by 335.3% in the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after acquiring an additional 18,208 shares during the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

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.