Tilray (NASDAQ:TLRY) Trading Down 4.1% After Earnings Miss

Tilray Inc (NASDAQ:TLRY) fell 4.1% during trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $1.16 and last traded at $1.18. 10,678,350 shares were traded during trading, a decline of 76% from the average session volume of 45,428,859 shares. The stock had previously closed at $1.23.

The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 2.00% and a negative net margin of 26.79%. The company’s revenue was up 8.7% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on TLRY shares. Canaccord Genuity Group boosted their price objective on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research note on Monday. Roth Mkm dropped their price target on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.70.

Insider Activity

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

Hedge Funds Weigh In On Tilray

A number of large investors have recently modified their holdings of TLRY. Ferguson Wellman Capital Management Inc. bought a new stake in Tilray during the 3rd quarter valued at $26,000. Vista Capital Partners Inc. bought a new stake in shares of Tilray during the third quarter worth about $42,000. International Assets Investment Management LLC raised its holdings in shares of Tilray by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock worth $42,000 after acquiring an additional 18,208 shares during the last quarter. Capital Management Associates Inc acquired a new stake in shares of Tilray in the 3rd quarter worth about $45,000. Finally, Pallas Capital Advisors LLC lifted its position in Tilray by 58.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock valued at $52,000 after acquiring an additional 11,632 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors.

Tilray Price 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 business has a 50 day simple moving average of $1.34 and a 200-day simple moving average of $1.61. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -4.37 and a beta of 2.08.

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.