Tilray (NASDAQ:TLRY) Shares Gap Down on Disappointing Earnings

Tilray Inc (NASDAQ:TLRY) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $1.37, but opened at $1.24. Tilray shares last traded at $1.19, with a volume of 18,319,993 shares trading hands.

The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The business had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. The business’s revenue was up 8.7% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, Roth Mkm decreased their target price on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research report on Friday, October 11th.

Insider Activity

In other news, CFO Carl A. Merton purchased 26,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the purchase, the chief financial officer now owns 26,000 shares in the company, valued at approximately $35,360. This represents a ? increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.87% of the company’s stock.

Institutional Trading of Tilray

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in shares of Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after purchasing an additional 1,690,827 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Tilray during the third quarter valued at approximately $1,348,000. Bank of Montreal Can raised its stake in 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 buying an additional 355,778 shares in the last quarter. Creative Planning lifted its holdings in Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after buying an additional 38,054 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Tilray by 11.5% during the 2nd 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 in the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Price Performance

The firm has a market capitalization of $1.11 billion, a PE ratio of -4.56 and a beta of 2.08. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 2.47. The stock has a fifty day moving average price of $1.37 and a 200-day moving average price of $1.62.

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.