Tilray (NASDAQ:TLRY) Shares Down 7.7% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s share price dropped 7.7% during mid-day trading on Thursday . The company traded as low as $0.43 and last traded at $0.44. Approximately 18,260,827 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 29,344,328 shares. The stock had previously closed at $0.48.

Analyst Ratings Changes

A number of equities analysts recently commented on TLRY shares. Roth Capital reiterated a “neutral” rating on shares of Tilray in a research report on Monday. Canaccord Genuity Group increased 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. Finally, Piper Sandler reduced their price target on shares of Tilray from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th.

Tilray Trading Down 6.1 %

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 of $0.69 and a two-hundred day moving average of $1.15. The company has a market cap of $419.13 million, a P/E ratio of -1.48 and a beta of 1.88.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The firm had revenue of $185.78 million during the quarter, compared to the consensus estimate of $213.38 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. On average, equities research analysts predict that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray

Several institutional investors have recently modified their holdings of TLRY. California State Teachers Retirement System boosted its stake in shares of Tilray by 8.0% during the 4th quarter. California State Teachers Retirement System now owns 778,513 shares of the company’s stock worth $1,035,000 after acquiring an additional 57,544 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Tilray by 317.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 166,326 shares of the company’s stock valued at $221,000 after acquiring an additional 126,507 shares during the period. Toronto Dominion Bank increased its holdings in Tilray by 53.0% in the 4th quarter. Toronto Dominion Bank now owns 197,207 shares of the company’s stock worth $260,000 after acquiring an additional 68,284 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Tilray by 17.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company’s stock worth $2,613,000 after acquiring an additional 286,481 shares during the period. Finally, Two Sigma Advisers LP lifted its holdings in Tilray by 81.7% during the fourth quarter. Two Sigma Advisers LP now owns 164,800 shares of the company’s stock valued at $219,000 after purchasing an additional 74,100 shares in the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.