Tilray (NASDAQ:TLRY) Trading Down 3.2% – What’s Next?

Tilray Inc (NASDAQ:TLRY) dropped 3.2% during mid-day trading on Wednesday . The company traded as low as $0.66 and last traded at $0.67. Approximately 9,847,430 shares were traded during trading, a decline of 78% from the average daily volume of 45,104,617 shares. The stock had previously closed at $0.69.

Analyst Ratings Changes

Separately, Canaccord Genuity Group lifted their price objective on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $2.70.

Tilray Stock Up 3.9 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The business’s fifty day moving average price is $1.10 and its two-hundred day moving average price is $1.40. The stock has a market capitalization of $676.05 million, a PE ratio of -2.41 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $216.34 million. The company’s revenue was up 8.7% on a year-over-year basis. On average, equities research analysts forecast that Tilray Inc will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning lifted its holdings in Tilray by 36.6% in the third quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after acquiring an additional 38,054 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Tilray by 335.3% during the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock worth $42,000 after acquiring an additional 18,208 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Tilray by 22.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock valued at $70,000 after acquiring an additional 7,339 shares during the period. Vestor Capital LLC purchased a new position in shares of Tilray in the 3rd quarter valued at about $53,000. Finally, Concurrent Investment Advisors LLC acquired a new position in Tilray in the 3rd quarter worth about $110,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.