Tilray (NASDAQ:TLRY) Stock Price Down 2.4% – Should You Sell?

Tilray Inc (NASDAQ:TLRY)’s stock price dropped 2.4% during mid-day trading on Monday . The company traded as low as $0.71 and last traded at $0.72. Approximately 10,493,126 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 45,705,008 shares. The stock had previously closed at $0.74.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group upped their price objective on 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 stock. According to MarketBeat.com, Tilray has an average rating of “Hold” and an average price target of $2.70.

Tilray Stock Down 7.0 %

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 50 day simple moving average of $1.13 and a two-hundred day simple moving average of $1.42. The company has a market capitalization of $640.79 million, a P/E ratio of -2.28 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share 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 firm had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts predict that Tilray Inc will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Tilray

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Tilray during the third quarter worth approximately $26,000. Lido Advisors LLC bought a new position in Tilray in the fourth quarter worth approximately $28,000. Dudley Capital Management LLC purchased a new position in Tilray during the 4th quarter worth $29,000. Verdence Capital Advisors LLC purchased a new position in Tilray during the 4th quarter worth $29,000. Finally, International Assets Investment Management LLC raised its position in Tilray by 335.3% during the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after purchasing an additional 18,208 shares in the last quarter. Institutional investors own 9.35% of the company’s stock.

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.