Tilray (NASDAQ:TLRY) Stock Price Down 4.8% – Here’s Why

Tilray Inc (NASDAQ:TLRY) dropped 4.8% on Wednesday . The stock traded as low as $1.37 and last traded at $1.38. Approximately 16,479,722 shares traded hands during trading, a decline of 60% from the average daily volume of 41,312,246 shares. The stock had previously closed at $1.45.

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 for the company in a research note on Friday, October 11th.

Tilray Stock Performance

The company’s 50-day simple moving average is $1.37 and its 200 day simple moving average is $1.62. The stock has a market cap of $1.11 billion, a P/E ratio of -4.56 and a beta of 2.08. The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The firm had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. Tilray’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts expect that Tilray Inc will post -0.14 EPS for the current fiscal year.

Insider Activity

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average cost of $1.36 per share, with a total value of $35,360.00. Following the transaction, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $35,360. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tilray

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its stake in shares of Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after buying an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Tilray in the third quarter valued at about $1,348,000. Bank of Montreal Can boosted its position in Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after purchasing an additional 355,778 shares during the last quarter. Creative Planning boosted its position in Tilray by 36.6% in the third quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after purchasing an additional 38,054 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Tilray by 11.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after purchasing an additional 70,605 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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.