Connor Clark & Lunn Investment Management Ltd. Trims Holdings in Tilray Inc (NASDAQ:TLRY)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Tilray Inc (NASDAQ:TLRY) by 15.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,255,200 shares of the company’s stock after selling 232,300 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Tilray were worth $1,657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TLRY. Verdence Capital Advisors LLC acquired a new stake in Tilray during the fourth quarter worth about $29,000. Ameritas Advisory Services LLC acquired a new stake in shares of Tilray during the 4th quarter worth approximately $32,000. Newman Dignan & Sheerar Inc. lifted its holdings in Tilray by 61.9% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after acquiring an additional 10,000 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Tilray by 125.7% during the 4th quarter. Jones Financial Companies Lllp now owns 31,725 shares of the company’s stock worth $42,000 after purchasing an additional 17,670 shares during the last quarter. Finally, Synovus Financial Corp raised its stake in shares of Tilray by 176.7% in the 3rd quarter. Synovus Financial Corp now owns 36,092 shares of the company’s stock valued at $64,000 after acquiring an additional 23,046 shares during the period. 9.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group upped their target price on shares of Tilray from $2.00 to $3.00 and gave the stock 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 issued a buy rating to the stock. Based on data from MarketBeat, Tilray currently has a consensus rating of “Hold” and a consensus price target of $2.70.

Tilray Price Performance

Shares of NASDAQ:TLRY opened at $0.64 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54. Tilray Inc has a one year low of $0.58 and a one year high of $2.97. The company has a 50-day simple moving average of $0.93 and a 200-day simple moving average of $1.31. The stock has a market capitalization of $602.16 million, a price-to-earnings ratio of -2.14 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data 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). The company had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts predict that Tilray Inc will post -0.2 EPS for the current year.

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.