Tilray (NASDAQ:TLRY) Trading Down 2.4% – Here’s Why

Shares of Tilray Inc (NASDAQ:TLRY) fell 2.4% on Thursday . The stock traded as low as $1.40 and last traded at $1.41. 6,376,600 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 25,449,266 shares. The stock had previously closed at $1.44.

Analysts Set New Price Targets

Separately, Roth Mkm reduced their target price on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a report on Friday, October 11th.

Tilray Stock Down 3.1 %

The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08. The stock’s 50-day moving average price is $1.66 and its 200-day moving average price is $1.78. The company has a market cap of $1.26 billion, a P/E ratio of -5.20 and a beta of 2.14.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The business had revenue of $200.00 million for the quarter, compared to analyst estimates of $218.70 million. During the same quarter in the prior year, the company earned ($0.10) earnings per share. The company’s quarterly revenue was up 13.0% on a year-over-year basis. As a group, research analysts forecast that Tilray Inc will post -0.14 EPS for the current year.

Institutional Trading of Tilray

A number of large investors have recently added to or reduced their stakes in TLRY. Ferguson Wellman Capital Management Inc. bought a new position in Tilray during the third quarter valued at $26,000. HBK Sorce Advisory LLC purchased a new position in shares of Tilray during the 1st quarter valued at $37,000. Prospect Financial Services LLC bought a new position in shares of Tilray during the 2nd quarter worth $26,000. Signature Estate & Investment Advisors LLC purchased a new stake in Tilray in the 2nd quarter worth about $29,000. Finally, Jeppson Wealth Management LLC bought a new stake in Tilray in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors 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.