Tilray (NASDAQ:TLRY) Shares Down 1.3% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s share price dropped 1.3% during trading on Tuesday . The stock traded as low as $1.56 and last traded at $1.57. Approximately 6,028,443 shares traded hands during trading, a decline of 76% from the average daily volume of 25,214,758 shares. The stock had previously closed at $1.59.

Analyst Upgrades and Downgrades

Separately, Roth Mkm cut their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research report on Friday, October 11th.

Tilray Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.47 and a quick ratio of 1.57. The company has a 50 day simple moving average of $1.74 and a 200-day simple moving average of $1.84. The stock has a market capitalization of $1.22 billion, a P/E ratio of -3.53 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last issued its earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $200.00 million for the quarter, compared to analysts’ expectations of $218.70 million. Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.10) EPS. On average, equities analysts forecast that Tilray Inc will post -0.18 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TLRY. Tidal Investments LLC boosted its position in shares of Tilray by 36,687.0% in the first quarter. Tidal Investments LLC now owns 10,677,428 shares of the company’s stock valued at $26,373,000 after acquiring an additional 10,648,403 shares during the period. Bank of Montreal Can lifted its stake in Tilray by 19.6% in the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after purchasing an additional 355,778 shares in the last quarter. Virtu Financial LLC bought a new position in Tilray in the 1st quarter valued at $586,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tilray by 8.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,679,532 shares of the company’s stock valued at $6,699,000 after purchasing an additional 213,834 shares in the last quarter. Finally, J.W. Cole Advisors Inc. increased its holdings in shares of Tilray by 1,077.2% in the second quarter. J.W. Cole Advisors Inc. now owns 171,054 shares of the company’s stock worth $284,000 after purchasing an additional 156,524 shares during the period. Hedge funds and other institutional investors 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.