Tilray (NASDAQ:TLRY) Trading Down 4.1% Following Weak Earnings

Shares of Tilray Inc (NASDAQ:TLRY - Get Free Report) dropped 4.1% on Monday following a dissappointing earnings announcement. The stock traded as low as $1.16 and last traded at $1.18. Approximately 10,678,350 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 45,428,859 shares. The stock had previously closed at $1.23.

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 26.79% and a negative return on equity of 2.00%. The firm had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The business's quarterly revenue was up 8.7% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group lifted their price objective on Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a research report on Monday. Roth Mkm dropped their price target on shares of Tilray from $2.00 to $1.75 and set a "neutral" rating for the company in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Tilray has a consensus rating of "Hold" and an average price target of $2.70.

Insider Buying and Selling

In related news, CFO Carl A. Merton bought 26,000 shares of the stock in a transaction dated Friday, November 15th. The shares were purchased at an average price of $1.36 per share, with a total value of $35,360.00. Following the completion of the acquisition, the chief financial officer now owns 26,000 shares of the company's stock, valued at $35,360. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is currently owned by company insiders.

Institutional Trading of Tilray

A number of institutional investors and hedge funds have recently bought and sold shares of TLRY. Ferguson Wellman Capital Management Inc. bought a new position in shares of Tilray during the 3rd quarter valued at approximately $26,000. Vista Capital Partners Inc. purchased a new stake in Tilray during the third quarter valued at $42,000. International Assets Investment Management LLC lifted its position in Tilray by 335.3% during the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company's stock valued at $42,000 after purchasing an additional 18,208 shares during the last quarter. Capital Management Associates Inc purchased a new position in shares of Tilray in the 3rd quarter worth $45,000. Finally, Pallas Capital Advisors LLC increased its holdings in shares of Tilray by 58.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company's stock worth $52,000 after buying an additional 11,632 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors.

Tilray Price Performance

The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08. The firm's 50-day moving average price is $1.35 and its 200-day moving average price is $1.61. The stock has a market capitalization of $1.07 billion, a PE ratio of -4.37 and a beta of 2.08.

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.