Tilray (NASDAQ:TLRY) Trading Down 2% - Here's What Happened

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price dropped 2% during mid-day trading on Monday . The stock traded as low as $0.96 and last traded at $0.98. Approximately 25,131,001 shares traded hands during trading, a decline of 47% from the average daily volume of 47,105,063 shares. The stock had previously closed at $1.00.

Analyst Ratings Changes

Separately, Canaccord Genuity Group raised their target price on Tilray from $2.00 to $3.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $2.70.

Tilray Price Performance

The stock has a market capitalization of $884.49 million, a PE ratio of -3.14 and a beta of 2.07. 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's 50-day moving average is $1.22 and its 200 day moving average is $1.51.

Tilray (NASDAQ:TLRY - Get Free Report) last issued its earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) 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 company had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. Tilray's quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts predict that Tilray Inc will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Carl A. Merton purchased 26,000 shares of Tilray stock in a transaction dated Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now directly owns 26,000 shares in the company, valued at $35,360. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.87% of the company's stock.

Institutional Trading of Tilray

A number of institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new position in shares of Tilray during the 2nd quarter valued at $65,000. Creative Planning increased its position in Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company's stock worth $250,000 after buying an additional 38,054 shares during the last quarter. Stratos Wealth Advisors LLC raised its holdings in Tilray by 253.5% during the third quarter. Stratos Wealth Advisors LLC now owns 39,074 shares of the company's stock valued at $69,000 after buying an additional 28,022 shares in the last quarter. Essex LLC lifted its position in shares of Tilray by 429.0% in the third quarter. Essex LLC now owns 105,800 shares of the company's stock worth $186,000 after buying an additional 85,800 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Tilray by 335.3% during the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company's stock worth $42,000 after acquiring an additional 18,208 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.