Tilray (NASDAQ:TLRY) Trading Down 1.4% - What's Next?

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s share price traded down 1.4% on Wednesday . The stock traded as low as $0.60 and last traded at $0.60. 18,506,751 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 44,526,711 shares. The stock had previously closed at $0.61.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group upped their price objective on shares of Tilray from $2.00 to $3.00 and gave the company 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 given a buy rating to the stock. According to MarketBeat, Tilray currently has an average rating of "Hold" and an average price target of $2.70.

Tilray Trading Up 3.5 %

The company has a market capitalization of $571.88 million, a P/E ratio of -2.03 and a beta of 2.13. The stock's 50 day moving average is $0.98 and its 200-day moving average is $1.34. 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 - Get Free Report) last announced its earnings results 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). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The business had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

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Institutional Investors Weigh In On Tilray

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in shares of Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company's stock valued at $3,202,000 after acquiring an additional 1,690,827 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Tilray in the third quarter worth approximately $1,348,000. Atria Wealth Solutions Inc. boosted its holdings in Tilray by 174.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company's stock worth $112,000 after purchasing an additional 53,751 shares during the last quarter. Barclays PLC boosted its holdings in Tilray by 600.4% in the third quarter. Barclays PLC now owns 204,144 shares of the company's stock worth $359,000 after purchasing an additional 174,997 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in Tilray by 107.5% in the fourth quarter. IFP Advisors Inc now owns 133,523 shares of the company's stock worth $178,000 after purchasing an additional 69,184 shares during the last quarter. 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.