Tilray (NASDAQ:TLRY) Trading Down 2% – Here’s Why

Tilray Inc (NASDAQ:TLRY) fell 2% on Monday . The stock traded as low as $0.96 and last traded at $0.98. 25,131,001 shares were traded during mid-day trading, a decline of 47% from the average session volume of 47,105,063 shares. The stock had previously closed at $1.00.

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 equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The stock has a market capitalization of $890.12 million, a PE ratio of -3.16 and a beta of 2.07. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average of $1.23 and a 200-day moving average of $1.52.

Tilray (NASDAQ:TLRY) last posted 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 analyst estimates of $216.34 million. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were bought at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the purchase, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $35,360. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TLRY. Wealth Enhancement Advisory Services LLC boosted its holdings in Tilray by 22.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock valued at $70,000 after purchasing an additional 7,339 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Tilray by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock worth $3,787,000 after buying an additional 7,406 shares during the last quarter. Newman Dignan & Sheerar Inc. boosted its holdings in shares of 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 buying an additional 10,000 shares in the last quarter. Pallas Capital Advisors LLC grew its position in shares of 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 buying an additional 11,632 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new position in shares of Tilray in the 3rd quarter valued at $26,000. 9.35% of the stock is owned by institutional investors and hedge funds.

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.