Tilray (NASDAQ:TLRY) Shares Gap Down on Disappointing Earnings

Tilray Inc (NASDAQ:TLRY)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.37, but opened at $1.24. Tilray shares last traded at $1.19, with a volume of 18,319,993 shares traded.

The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The firm had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. The business’s revenue was up 8.7% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, Roth Mkm reduced their price objective on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research report on Friday, October 11th.

Insider Activity

In related news, CFO Carl A. Merton acquired 26,000 shares of Tilray stock in a transaction that occurred on Friday, November 15th. The shares were purchased 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Tilray by 32.4% during the third quarter. JPMorgan Chase & Co. now owns 432,031 shares of the company’s stock worth $760,000 after purchasing an additional 105,803 shares during the period. Synovus Financial Corp increased its holdings in shares of Tilray by 176.7% during the 3rd quarter. Synovus Financial Corp now owns 36,092 shares of the company’s stock worth $64,000 after buying an additional 23,046 shares during the last quarter. Barclays PLC raised its position in shares of Tilray by 600.4% during the 3rd quarter. Barclays PLC now owns 204,144 shares of the company’s stock valued at $359,000 after buying an additional 174,997 shares during the period. Toronto Dominion Bank lifted its holdings in Tilray by 454.5% in the third quarter. Toronto Dominion Bank now owns 128,923 shares of the company’s stock valued at $227,000 after acquiring an additional 105,671 shares during the last quarter. Finally, XTX Topco Ltd grew its position in Tilray by 1,079.7% in the third quarter. XTX Topco Ltd now owns 281,504 shares of the company’s stock worth $495,000 after acquiring an additional 257,641 shares during the period. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Price Performance

The stock has a 50-day simple moving average of $1.37 and a 200 day simple moving average of $1.62. The company has a market cap of $1.12 billion, a PE ratio of -4.61 and a beta of 2.08. The company has a quick ratio of 1.57, a current ratio of 2.47 and a debt-to-equity ratio of 0.08.

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.