Tilray (NASDAQ:TLRY) Trading Down 7.8% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s share price dropped 7.8% during trading on Tuesday . The stock traded as low as $0.59 and last traded at $0.60. Approximately 17,704,220 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 44,489,898 shares. The stock had previously closed at $0.65.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their price objective on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.70.

Tilray Stock Performance

The stock’s 50 day moving average price is $1.01 and its 200 day moving average price is $1.35. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company has a market cap of $552.37 million, a price-to-earnings ratio of -1.96 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The company had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TLRY. Wealth Enhancement Advisory Services LLC raised its holdings in Tilray by 22.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock valued at $70,000 after buying an additional 7,339 shares during the period. Concurrent Investment Advisors LLC purchased a new position in Tilray in the third quarter valued at approximately $110,000. Apollon Wealth Management LLC acquired a new stake in Tilray in the third quarter valued at approximately $63,000. Ferguson Wellman Capital Management Inc. acquired a new stake in Tilray in the third quarter valued at approximately $26,000. Finally, CIBC Asset Management Inc grew its position in Tilray by 4.2% in the third quarter. CIBC Asset Management Inc now owns 908,098 shares of the company’s stock valued at $1,599,000 after acquiring an additional 36,799 shares in the last quarter. Hedge funds and other institutional investors 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.