Tilray (NASDAQ:TLRY) Shares Down 2.1% – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) dropped 2.1% during mid-day trading on Wednesday . The company traded as low as $1.13 and last traded at $1.15. Approximately 16,850,347 shares changed hands during trading, a decline of 61% from the average daily volume of 43,080,738 shares. The stock had previously closed at $1.17.

Analyst Upgrades and Downgrades

TLRY has been the subject of a number of recent research reports. Canaccord Genuity Group increased their price objective 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. Roth Mkm decreased their price target on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Tilray has an average rating of “Hold” and a consensus 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 company’s fifty day simple moving average is $1.32 and its two-hundred day simple moving average is $1.60. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -3.82 and a beta of 2.08.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data on Friday, January 10th. 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 return on equity of 4.40% and a negative net margin of 30.95%. The business had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Carl A. Merton purchased 26,000 shares of Tilray stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now owns 26,000 shares in the company, valued at $35,360. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV raised its stake in Tilray by 75.9% in the fourth quarter. KBC Group NV now owns 38,332 shares of the company’s stock valued at $51,000 after purchasing an additional 16,539 shares in the last quarter. Madrona Financial Services LLC raised its stake in Tilray by 40.0% in the fourth quarter. Madrona Financial Services LLC now owns 70,000 shares of the company’s stock valued at $93,000 after purchasing an additional 20,000 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Tilray in the fourth quarter valued at approximately $32,000. Pallas Capital Advisors LLC raised its stake in Tilray by 59.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 50,438 shares of the company’s stock valued at $67,000 after purchasing an additional 18,792 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Tilray by 32.4% in the third quarter. JPMorgan Chase & Co. now owns 432,031 shares of the company’s stock valued at $760,000 after purchasing an additional 105,803 shares in the last quarter. 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.