Tilray (NASDAQ:TLRY) Shares Down 4.8% – What’s Next?

Tilray Inc (NASDAQ:TLRY)’s share price was down 4.8% on Wednesday . The company traded as low as $1.37 and last traded at $1.38. Approximately 16,479,722 shares traded hands during trading, a decline of 60% from the average daily volume of 41,312,246 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

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 note on Friday, October 11th.

Tilray Stock Down 10.2 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 2.47. The firm’s fifty day simple moving average is $1.37 and its 200 day simple moving average is $1.62. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -4.56 and a beta of 2.08.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data 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 26.79% and a negative return on equity of 2.00%. The business had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. The company’s revenue was up 8.7% compared to the same quarter last year. On average, sell-side analysts forecast that Tilray Inc will post -0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Carl A. Merton acquired 26,000 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 26,000 shares of the company’s stock, valued at approximately $35,360. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tilray

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in Tilray by 1,314.1% in the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after purchasing an additional 1,690,827 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Tilray in the third quarter valued at about $1,348,000. Bank of Montreal Can increased its stake in shares of Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock valued at $3,622,000 after buying an additional 355,778 shares during the period. Creative Planning raised its position in shares of Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after acquiring an additional 38,054 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Tilray by 11.5% in the second quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock worth $1,131,000 after acquiring an additional 70,605 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.