Tilray (NASDAQ:TLRY) Trading Down 3.2% – What’s Next?

Tilray Inc (NASDAQ:TLRY) shares were down 3.2% during trading on Wednesday . The stock traded as low as $0.66 and last traded at $0.67. Approximately 9,847,430 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 45,104,617 shares. The stock had previously closed at $0.69.

Wall Street Analysts Forecast Growth

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

Tilray Stock Performance

The firm’s 50 day moving average price is $1.07 and its 200-day moving average price is $1.39. The firm has a market cap of $650.45 million, a price-to-earnings ratio of -2.31 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The company had revenue of $210.90 million during 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 business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

Several large investors have recently added to or reduced their stakes in TLRY. Toronto Dominion Bank grew its holdings in shares of Tilray by 53.0% during the 4th quarter. Toronto Dominion Bank now owns 197,207 shares of the company’s stock worth $260,000 after purchasing an additional 68,284 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Tilray by 17.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company’s stock worth $2,613,000 after buying an additional 286,481 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Tilray by 81.7% in the 4th quarter. Two Sigma Advisers LP now owns 164,800 shares of the company’s stock valued at $219,000 after buying an additional 74,100 shares during the period. Tidal Investments LLC increased its holdings in Tilray by 9.2% in the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after buying an additional 889,086 shares during the period. Finally, State of Wyoming raised its stake in shares of Tilray by 78.0% in the 4th quarter. State of Wyoming now owns 103,489 shares of the company’s stock valued at $138,000 after buying an additional 45,361 shares in the last quarter. Institutional investors and hedge funds 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.