Tilray (NASDAQ:TLRY) Trading Down 11.7% After Earnings Miss

Shares of Tilray Inc (NASDAQ:TLRY) traded down 11.7% on Friday following a weaker than expected earnings announcement. The company traded as low as $1.18 and last traded at $1.21. 30,487,819 shares traded hands during trading, a decline of 33% from the average session volume of 45,809,570 shares. The stock had previously closed at $1.37.

The company reported ($0.10) earnings per share 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 firm had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. Tilray’s quarterly revenue was up 8.7% on a year-over-year basis.

Analyst Ratings Changes

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

Insider Buying and Selling at Tilray

In other news, CFO Carl A. Merton purchased 26,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now directly owns 26,000 shares of the company’s stock, valued at $35,360. This trade represents a ? increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position 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 worth $3,202,000 after buying an additional 1,690,827 shares during the period. Point72 Asset Management L.P. bought a new stake in Tilray during the third quarter worth about $1,348,000. Bank of Montreal Can grew its holdings 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 purchasing an additional 355,778 shares during the period. XTX Topco Ltd increased its stake in shares of Tilray by 1,079.7% during the third quarter. XTX Topco Ltd now owns 281,504 shares of the company’s stock valued at $495,000 after purchasing an additional 257,641 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Tilray by 600.4% during the third quarter. Barclays PLC now owns 204,144 shares of the company’s stock valued at $359,000 after purchasing an additional 174,997 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Stock Performance

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 market capitalization of $1.11 billion, a P/E ratio of -4.56 and a beta of 2.08. The business has a 50-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.