Tilray (NASDAQ:TLRY) Stock Price Down 3% – What’s Next?

Tilray Inc (NASDAQ:TLRY) fell 3% during mid-day trading on Wednesday . The company traded as low as $0.66 and last traded at $0.66. 4,026,685 shares were traded during trading, a decline of 87% from the average session volume of 30,794,858 shares. The stock had previously closed at $0.68.

Analyst Ratings Changes

Separately, Canaccord Genuity Group boosted their price objective 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.70.

Tilray Price Performance

The firm has a fifty day moving average price of $0.89 and a two-hundred day moving average price of $1.28. 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 has a market capitalization of $610.41 million, a P/E ratio of -2.19 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The firm had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts expect that Tilray Inc will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Tilray

A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in shares of 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 purchasing an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Tilray in the 3rd quarter worth about $1,348,000. Atria Wealth Solutions Inc. raised its position in Tilray by 174.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock worth $112,000 after buying an additional 53,751 shares during the last quarter. Arizona State Retirement System lifted its stake in Tilray by 9.9% during the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company’s stock valued at $347,000 after acquiring an additional 23,439 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Tilray by 600.4% during the 3rd quarter. Barclays PLC now owns 204,144 shares of the company’s stock valued at $359,000 after acquiring an additional 174,997 shares during the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.