Tilray (NASDAQ:TLRY) Stock Price Down 3.2% – What’s Next?

Tilray Inc (NASDAQ:TLRY) shares were down 3.2% during mid-day trading on Wednesday . The company traded as low as $0.66 and last traded at $0.67. Approximately 9,847,430 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 45,104,617 shares. The stock had previously closed at $0.69.

Analysts Set New Price Targets

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

Tilray Stock Performance

The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $650.45 million, a price-to-earnings ratio of -2.31 and a beta of 2.13. The stock’s 50-day simple moving average is $1.07 and its 200 day simple moving average is $1.39.

Tilray (NASDAQ:TLRY) last announced its earnings results 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 analyst estimates of $216.34 million. Tilray’s quarterly revenue was up 8.7% on a year-over-year basis. Analysts expect that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Tilray

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning grew its holdings in Tilray by 36.6% during the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after acquiring an additional 38,054 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Tilray by 335.3% during the third 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. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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 purchasing an additional 7,339 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Tilray in the third quarter valued at approximately $110,000. Finally, Vista Capital Partners Inc. bought a new position in Tilray in the 3rd quarter worth approximately $42,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.