Tilray (NASDAQ:TLRY) Shares Down 4.9% – Should You Sell?

Tilray Inc (NASDAQ:TLRY)’s stock price dropped 4.9% during trading on Monday . The company traded as low as $0.61 and last traded at $0.63. Approximately 6,884,910 shares traded hands during trading, a decline of 77% from the average daily volume of 30,420,058 shares. The stock had previously closed at $0.66.

Wall Street Analysts Forecast Growth

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

Tilray Stock Performance

The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market cap of $614.16 million, a PE ratio of -2.18 and a beta of 2.13. The business’s 50-day moving average price is $0.85 and its 200-day moving average price is $1.26.

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

Institutional Investors Weigh In On Tilray

Several institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. BNP Paribas Financial Markets grew its stake in Tilray by 1,314.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after acquiring an additional 1,690,827 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Tilray in the third quarter worth approximately $1,348,000. Atria Wealth Solutions Inc. raised its position in Tilray by 174.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock valued at $112,000 after purchasing an additional 53,751 shares during the period. Arizona State Retirement System increased its position in shares of Tilray by 9.9% during the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company’s stock worth $347,000 after purchasing an additional 23,439 shares during the last quarter. Finally, Swiss National Bank increased its position 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 valued at $2,363,000 after acquiring an additional 164,600 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.