Tilray (NASDAQ:TLRY) Shares Down 5.2% – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) fell 5.2% during trading on Friday . The stock traded as low as $0.68 and last traded at $0.68. 6,067,335 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 30,526,634 shares. The stock had previously closed at $0.71.

Analyst Ratings Changes

Separately, Canaccord Genuity Group increased their price target on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tilray presently has an average rating of “Hold” and a consensus target price of $2.70.

Tilray Price Performance

The company’s 50-day moving average is $0.87 and its 200-day moving average is $1.27. The firm has a market capitalization of $621.67 million, a price-to-earnings ratio of -2.21 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results 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 company 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% on a year-over-year basis. On average, research analysts expect that Tilray Inc will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

A number of large investors have recently modified their holdings of TLRY. BNP Paribas Financial Markets increased its position in Tilray by 1,314.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after purchasing an additional 1,690,827 shares in the last quarter. Tidal Investments LLC boosted its position in Tilray by 9.2% during the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock worth $14,092,000 after purchasing an additional 889,086 shares during the period. Quinn Opportunity Partners LLC boosted its position in shares of Tilray by 108.0% in the fourth quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company’s stock worth $2,152,000 after buying an additional 840,000 shares during the period. Virtu Financial LLC acquired a new stake in Tilray in the fourth quarter valued at approximately $1,029,000. Finally, Dimensional Fund Advisors LP grew its holdings in Tilray by 54.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after purchasing an additional 769,569 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.