Tilray (NASDAQ:TLRY) Trading Down 3.1% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s share price was down 3.1% on Wednesday . The stock traded as low as $0.64 and last traded at $0.66. Approximately 12,103,458 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 31,299,955 shares. The stock had previously closed at $0.68.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lifted their price target on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Three investment 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 presently has an average rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

The firm’s fifty day moving average is $0.92 and its 200-day moving average is $1.31. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $608.07 million, a PE ratio of -2.16 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) 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 company had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. Tilray’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, research analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its holdings in shares of Tilray by 0.3% in the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock valued at $3,787,000 after buying an additional 7,406 shares during the period. Newman Dignan & Sheerar Inc. grew its position in Tilray by 61.9% in the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after acquiring an additional 10,000 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Tilray by 55.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,875 shares of the company’s stock worth $42,000 after purchasing an additional 11,325 shares during the period. NewEdge Advisors LLC lifted its position in shares of Tilray by 92.1% during the fourth quarter. NewEdge Advisors LLC now owns 27,406 shares of the company’s stock worth $36,000 after purchasing an additional 13,136 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Tilray by 59.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 37,009 shares of the company’s stock valued at $49,000 after purchasing an additional 13,786 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

Tilray Company Profile

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.