Tilray (NASDAQ:TLRY) Trading Down 6.2% on Analyst Downgrade

Tilray Inc (NASDAQ:TLRY) was down 6.2% during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $2.00 to $1.00. Piper Sandler currently has a neutral rating on the stock. Tilray traded as low as $0.49 and last traded at $0.50. Approximately 4,866,950 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 29,500,283 shares. The stock had previously closed at $0.53.

Separately, Canaccord Genuity Group increased 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 research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Tilray currently has a consensus rating of “Hold” and an average price target of $2.35.

Hedge Funds Weigh In On Tilray

Institutional investors have recently modified their holdings of the stock. Lido Advisors LLC bought a new stake in Tilray during the 4th quarter valued at $28,000. Dudley Capital Management LLC bought a new position in Tilray during the 4th quarter worth about $29,000. Verdence Capital Advisors LLC bought a new stake in shares of Tilray in the 4th quarter valued at about $29,000. Ameritas Advisory Services LLC purchased a new stake in shares of Tilray in the 4th quarter worth approximately $32,000. Finally, Newman Dignan & Sheerar Inc. boosted its stake in shares of Tilray by 61.9% during the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after purchasing an additional 10,000 shares in the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Trading Down 7.2 %

The company’s fifty day moving average is $0.75 and its 200-day moving average is $1.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The company has a market capitalization of $461.33 million, a PE ratio of -1.64 and a beta of 1.88.

Tilray (NASDAQ:TLRY) last announced its earnings results on Tuesday, April 8th. The company reported ($0.10) 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, analysts anticipate that Tilray Inc will post -0.2 EPS for the current fiscal year.

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.