Tilray (NASDAQ:TLRY) Shares Down 3.4% – Here’s Why

Tilray Inc (NASDAQ:TLRY) traded down 3.4% during trading on Wednesday . The stock traded as low as $0.86 and last traded at $0.86. 19,205,518 shares traded hands during trading, a decline of 59% from the average session volume of 46,742,723 shares. The stock had previously closed at $0.89.

Analyst Ratings Changes

Separately, Canaccord Genuity Group boosted their target price 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tilray presently has an average rating of “Hold” and an average target price of $2.70.

Tilray Stock Down 3.1 %

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 firm’s 50-day moving average is $1.20 and its 200 day moving average is $1.48. The firm has a market capitalization of $812.95 million, a PE ratio of -2.90 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The business had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. The company’s revenue was up 8.7% on a year-over-year basis. As a group, research analysts forecast that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TLRY. Sanctuary Advisors LLC acquired a new position in Tilray in the 2nd quarter valued at about $65,000. Creative Planning raised its stake in Tilray by 36.6% in the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after purchasing an additional 38,054 shares during the last quarter. Stratos Wealth Advisors LLC raised its stake in Tilray by 253.5% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 39,074 shares of the company’s stock valued at $69,000 after purchasing an additional 28,022 shares during the last quarter. International Assets Investment Management LLC raised its stake in Tilray by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after purchasing an additional 18,208 shares during the last quarter. Finally, Capital Management Associates Inc acquired a new position in shares of Tilray during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.