Tilray (NASDAQ:TLRY) Shares Gap Down – What’s Next?

Shares of Tilray Inc (NASDAQ:TLRY) gapped down prior to trading on Monday . The stock had previously closed at $0.95, but opened at $0.91. Tilray shares last traded at $0.84, with a volume of 10,580,293 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group increased their price target on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Stock Down 10.6 %

The firm has a 50 day moving average of $1.17 and a two-hundred day moving average of $1.46. The stock has a market capitalization of $797.94 million, a PE ratio of -2.84 and a beta of 2.07. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The firm had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Trading of Tilray

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ferguson Wellman Capital Management Inc. purchased a new stake in shares of Tilray during the third quarter worth about $26,000. Lido Advisors LLC purchased a new stake in shares of Tilray during the fourth quarter valued at approximately $28,000. Verdence Capital Advisors LLC purchased a new position in Tilray in the fourth quarter valued at about $29,000. Dudley Capital Management LLC bought a new stake in shares of Tilray in the 4th quarter worth about $29,000. Finally, Ameritas Advisory Services LLC bought a new stake in Tilray during the fourth quarter valued at $32,000. 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.