Tilray (NASDAQ:TLRY) Shares Gap Down – Should You Sell?

Shares of Tilray Inc (NASDAQ:TLRY) gapped down before the market opened on Friday . The stock had previously closed at $0.71, but opened at $0.70. Tilray shares last traded at $0.68, with a volume of 3,606,258 shares.

Analysts Set New Price Targets

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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Trading Down 7.2 %

The stock has a market capitalization of $621.38 million, a P/E ratio of -2.21 and a beta of 2.13. The stock’s fifty day moving average price is $0.85 and its 200 day moving average price is $1.26. 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 issued its earnings results on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The company had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The firm’s revenue was up 8.7% compared to the same quarter last year. Research analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray

Several hedge funds have recently made changes to their positions in TLRY. Lido Advisors LLC bought a new stake in shares of Tilray in the fourth quarter valued at about $28,000. Verdence Capital Advisors LLC purchased a new stake in shares of Tilray in the 4th quarter worth approximately $29,000. Dudley Capital Management LLC bought a new position in shares of Tilray during the fourth quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new position in Tilray during the fourth quarter valued at approximately $32,000. Finally, Newman Dignan & Sheerar Inc. raised its stake in Tilray by 61.9% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock worth $35,000 after buying an additional 10,000 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.