Tilray (NASDAQ:TLRY) Shares Down 2.4% – What’s Next?

Tilray Inc (NASDAQ:TLRY) shares dropped 2.4% on Thursday . The stock traded as low as $1.40 and last traded at $1.41. Approximately 6,376,600 shares were traded during trading, a decline of 75% from the average daily volume of 25,449,266 shares. The stock had previously closed at $1.44.

Wall Street Analyst Weigh In

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

Tilray Stock Performance

The stock has a market capitalization of $1.26 billion, a P/E ratio of -5.20 and a beta of 2.14. The stock has a 50 day simple moving average of $1.66 and a two-hundred day simple moving average of $1.78. 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 (NASDAQ:TLRY) last released its quarterly earnings data on Thursday, October 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). The company had revenue of $200.00 million during the quarter, compared to analysts’ expectations of $218.70 million. Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The business’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm posted ($0.10) earnings per share. On average, equities analysts forecast that Tilray Inc will post -0.14 EPS for the current fiscal year.

Institutional Trading of Tilray

Hedge funds have recently added to or reduced their stakes in the company. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Tilray during the 3rd quarter worth approximately $26,000. HBK Sorce Advisory LLC bought a new position in Tilray in the 1st quarter valued at approximately $37,000. Prospect Financial Services LLC bought a new position in shares of Tilray in the 2nd quarter valued at $26,000. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Tilray during the second quarter valued at about $29,000. Finally, Jeppson Wealth Management LLC bought a new stake in Tilray during the 2nd quarter worth approximately $33,000. 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.