Tilray (NASDAQ:TLRY) Shares Down 1.5% – Here’s Why

Shares of Tilray Inc (NASDAQ:TLRY) traded down 1.5% on Wednesday . The stock traded as low as $1.62 and last traded at $1.63. 8,519,988 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 25,141,068 shares. The stock had previously closed at $1.65.

Tilray Stock Down 0.9 %

The company has a 50 day moving average price of $1.77 and a two-hundred day moving average price of $1.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.27 and a quick ratio of 1.42. The stock has a market cap of $1.27 billion, a PE ratio of -3.72 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Tilray had a negative return on equity of 2.63% and a negative net margin of 30.26%. The business had revenue of $229.90 million during the quarter, compared to analysts’ expectations of $226.20 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. Analysts expect that Tilray Inc will post -0.16 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Newbridge Financial Services Group Inc. increased its position in Tilray by 54.8% during the second quarter. Newbridge Financial Services Group Inc. now owns 52,067 shares of the company’s stock valued at $86,000 after acquiring an additional 18,423 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Tilray during the second quarter valued at $65,000. Algert Global LLC purchased a new stake in Tilray during the second quarter valued at $130,000. The Manufacturers Life Insurance Company increased its position in Tilray by 11.5% during the second quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after acquiring an additional 70,605 shares during the last quarter. Finally, Bank of Montreal Can increased its position 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 acquiring an additional 355,778 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.