Tilray (NASDAQ:TLRY) Shares Gap Down – Here’s Why

Tilray Inc (NASDAQ:TLRY) shares gapped down prior to trading on Friday . The stock had previously closed at $0.71, but opened at $0.70. Tilray shares last traded at $0.68, with a volume of 3,606,258 shares changing hands.

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 company a “buy” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.70.

Tilray Price Performance

The company has a market capitalization of $623.54 million, a PE ratio of -2.22 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54. The stock has a 50 day moving average price of $0.87 and a two-hundred day moving average price of $1.27.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings data 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). The business had revenue of $210.90 million for the quarter, compared to the consensus estimate 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 revenue was up 8.7% compared to the same quarter last year. Equities analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray

Large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can lifted its stake in shares of Tilray by 0.3% in the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock worth $3,787,000 after buying an additional 7,406 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Tilray by 4.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 715,672 shares of the company’s stock worth $1,260,000 after acquiring an additional 33,194 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after acquiring an additional 1,690,827 shares during the period. CreativeOne Wealth LLC acquired a new stake in shares of Tilray in the third quarter valued at about $127,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Tilray by 6.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,677,899 shares of the company’s stock worth $2,953,000 after purchasing an additional 107,530 shares during the period. 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.