Tilray (NASDAQ:TLRY) Stock Price Down 2.2% – Here’s Why

Tilray Inc (NASDAQ:TLRY) traded down 2.2% during mid-day trading on Tuesday . The stock traded as low as $0.91 and last traded at $0.91. 16,618,676 shares changed hands during trading, a decline of 64% from the average session volume of 46,338,965 shares. The stock had previously closed at $0.93.

Analyst Upgrades and Downgrades

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

Tilray Stock Performance

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 company has a market capitalization of $813.60 million, a PE ratio of -2.89 and a beta of 2.07. The stock’s fifty day simple moving average is $1.17 and its 200-day simple moving average is $1.47.

Tilray (NASDAQ:TLRY) last issued its 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. The firm’s revenue was up 8.7% compared to the same quarter last year. On average, research analysts predict that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Ferguson Wellman Capital Management Inc. acquired a new stake in shares of Tilray in the third quarter valued at approximately $26,000. Lido Advisors LLC acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $28,000. Verdence Capital Advisors LLC acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $29,000. Dudley Capital Management LLC acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $29,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $32,000. 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.