Tilray (NASDAQ:TLRY) Stock Price Down 3.4% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY) shares dropped 3.4% during trading on Wednesday . The stock traded as low as $0.86 and last traded at $0.86. Approximately 19,205,518 shares traded hands during trading, a decline of 59% from the average daily volume of 46,742,723 shares. The stock had previously closed at $0.89.

Wall Street Analyst Weigh In

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

Tilray Trading Down 3.1 %

The company has a 50 day simple moving average of $1.20 and a 200 day simple moving average of $1.48. The stock has a market capitalization of $812.95 million, a PE ratio of -2.90 and a beta of 2.07. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last issued its earnings results 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 net margin of 30.95% and a negative return on equity of 4.40%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts predict that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Tilray

Several hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its position in Tilray by 1,314.1% in the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after acquiring an additional 1,690,827 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Tilray by 9.2% during the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock worth $14,092,000 after purchasing an additional 889,086 shares in the last quarter. Quinn Opportunity Partners LLC boosted its position in shares of Tilray by 108.0% during the 4th quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company’s stock worth $2,152,000 after purchasing an additional 840,000 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Tilray during the 4th quarter worth $1,029,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Tilray by 54.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock worth $2,890,000 after purchasing an additional 769,569 shares in the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

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.