Tilray (NASDAQ:TLRY) Stock Price Down 3.9% – Here’s Why

Shares of Tilray Inc (NASDAQ:TLRY) dropped 3.9% during mid-day trading on Monday . The company traded as low as $0.54 and last traded at $0.57. Approximately 9,992,618 shares were traded during trading, a decline of 66% from the average daily volume of 29,639,823 shares. The stock had previously closed at $0.59.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TLRY. Canaccord Genuity Group raised their price target on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Piper Sandler lowered their target price on Tilray from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.35.

Tilray Price Performance

The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $0.77 and its 200 day moving average price is $1.20. The firm has a market cap of $497.05 million, a price-to-earnings ratio of -1.77 and a beta of 1.88.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings data 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%. Equities research analysts predict that Tilray Inc will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

A number of hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. bought a new stake in Tilray in the third quarter valued at about $1,348,000. Atria Wealth Solutions Inc. boosted its holdings in Tilray by 174.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock valued at $112,000 after purchasing an additional 53,751 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Tilray by 9.9% in the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company’s stock valued at $347,000 after purchasing an additional 23,439 shares during the period. Swiss National Bank raised its holdings in shares of Tilray by 10.2% in the 4th quarter. Swiss National Bank now owns 1,776,638 shares of the company’s stock worth $2,363,000 after buying an additional 164,600 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Tilray by 600.4% during the 3rd quarter. Barclays PLC now owns 204,144 shares of the company’s stock worth $359,000 after buying an additional 174,997 shares during the period. Institutional investors and hedge funds 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.