Tilray (NASDAQ:TLRY) Sees Large Volume Increase on Earnings Beat

Shares of Tilray Inc (NASDAQ:TLRY) saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 21,364,246 shares traded hands during trading, a decline of 15% from the previous session’s volume of 25,239,246 shares.The stock last traded at $1.57 and had previously closed at $1.63.

The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $200.00 million for the quarter, compared to the consensus estimate of $218.70 million. Tilray had a negative return on equity of 2.63% and a negative net margin of 30.26%. Tilray’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.10) earnings per share.

Wall Street Analyst Weigh In

Separately, Roth Mkm lowered 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.

Hedge Funds Weigh In On Tilray

Large investors have recently made changes to their positions in the business. Tidal Investments LLC increased its holdings in shares of Tilray by 36,687.0% in the first quarter. Tidal Investments LLC now owns 10,677,428 shares of the company’s stock worth $26,373,000 after purchasing an additional 10,648,403 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Tilray by 3.5% in the first quarter. Vanguard Group Inc. now owns 3,525,160 shares of the company’s stock worth $8,707,000 after purchasing an additional 117,891 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Tilray by 8.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,679,532 shares of the company’s stock worth $6,699,000 after purchasing an additional 213,834 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after purchasing an additional 355,778 shares during the last quarter. Finally, Swiss National Bank increased its holdings in shares of Tilray by 3.6% in the first quarter. Swiss National Bank now owns 1,490,938 shares of the company’s stock worth $3,683,000 after purchasing an additional 51,700 shares during the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

Tilray Stock Up 2.5 %

The company has a quick ratio of 1.42, a current ratio of 2.27 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average price of $1.75 and a 200-day moving average price of $1.86. The stock has a market capitalization of $1.37 billion, a P/E ratio of -4.94 and a beta of 2.13.

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.