Tilray (NASDAQ:TLRY) Trading Down 6.2% Following Analyst Downgrade

Tilray Inc (NASDAQ:TLRY)’s stock price was down 6.2% during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $2.00 to $1.00. Piper Sandler currently has a neutral rating on the stock. Tilray traded as low as $0.49 and last traded at $0.50. 4,866,950 shares traded hands during trading, a decline of 84% from the average daily volume of 29,500,283 shares. The stock had previously closed at $0.53.

Separately, Canaccord Genuity Group increased their target price on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tilray currently has an average rating of “Hold” and a consensus price target of $2.35.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TLRY. Tidal Investments LLC raised its position in Tilray by 9.2% during the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after purchasing an additional 889,086 shares during the last quarter. Bank of Montreal Can grew its position in shares of Tilray by 14.4% in the 4th quarter. Bank of Montreal Can now owns 2,488,982 shares of the company’s stock worth $3,310,000 after buying an additional 312,476 shares during the period. Geode Capital Management LLC increased its stake in shares of Tilray by 20.1% in the 4th quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company’s stock worth $3,200,000 after acquiring an additional 403,371 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Tilray by 54.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after acquiring an additional 769,569 shares during the period. Finally, 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 acquiring an additional 286,481 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

Tilray Trading Down 7.2 %

The stock’s fifty day simple moving average is $0.75 and its two-hundred day simple moving average is $1.19. The firm has a market cap of $461.33 million, a PE ratio of -1.64 and a beta of 1.88. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last issued its earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, sell-side analysts forecast that Tilray Inc will post -0.2 EPS for the current fiscal year.

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.