Tilray (NASDAQ:TLRY) Stock Price Down 0.8% – Should You Sell?

Tilray Inc (NASDAQ:TLRY)’s share price dropped 0.8% during mid-day trading on Wednesday . The stock traded as low as $0.64 and last traded at $0.65. Approximately 2,809,920 shares changed hands during trading, a decline of 91% from the average daily volume of 30,269,809 shares. The stock had previously closed at $0.65.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their price target on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The business has a 50-day moving average of $0.83 and a 200-day moving average of $1.25. The company has a market capitalization of $617.73 million, a P/E ratio of -2.20 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last announced 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 firm had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Tilray

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lido Advisors LLC purchased a new position in shares of Tilray during the 4th quarter valued at about $28,000. Dudley Capital Management LLC acquired a new stake in Tilray during the fourth quarter valued at $29,000. Verdence Capital Advisors LLC purchased a new position in Tilray in the fourth quarter valued at $29,000. Ameritas Advisory Services LLC acquired a new position in shares of Tilray in the fourth quarter worth about $32,000. Finally, Newman Dignan & Sheerar Inc. boosted its stake in shares of Tilray by 61.9% during the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock worth $35,000 after acquiring an additional 10,000 shares in the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.