Tilray (NASDAQ:TLRY) Trading Down 4.8% - Here's Why

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s share price dropped 4.8% on Wednesday . The stock traded as low as $1.37 and last traded at $1.38. Approximately 16,479,722 shares traded hands during trading, a decline of 60% from the average daily volume of 41,312,246 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

Separately, Roth Mkm dropped their price target on Tilray from $2.00 to $1.75 and set a "neutral" rating on the stock in a research note on Friday, October 11th.

Tilray Stock Down 5.5 %

The company has a quick ratio of 1.57, a current ratio of 2.47 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.24 billion, a PE ratio of -5.07 and a beta of 2.08. The business has a 50 day moving average price of $1.38 and a 200 day moving average price of $1.63.

Tilray (NASDAQ:TLRY - Get Free Report) last issued its earnings results on Thursday, October 10th. The company reported ($0.04) EPS for the quarter, hitting analysts' consensus estimates of ($0.04). Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The firm had revenue of $200.00 million for the quarter, compared to the consensus estimate of $218.70 million. During the same quarter in the prior year, the business earned ($0.10) earnings per share. The company's revenue was up 13.0% compared to the same quarter last year. Equities research analysts expect that Tilray Inc will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of the stock in a transaction on Friday, November 15th. The shares were bought at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now owns 26,000 shares of the company's stock, valued at $35,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray

A number of hedge funds have recently bought and sold shares of the business. Bank of Montreal Can boosted its position in Tilray by 0.3% during the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company's stock worth $3,787,000 after purchasing an additional 7,406 shares in the last quarter. State Street Corp boosted its position in Tilray by 4.7% during the third quarter. State Street Corp now owns 1,961,338 shares of the company's stock worth $3,452,000 after purchasing an additional 88,079 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company's stock worth $3,202,000 after purchasing an additional 1,690,827 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Tilray by 6.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,677,899 shares of the company's stock valued at $2,953,000 after acquiring an additional 107,530 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Tilray by 2.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company's stock valued at $2,617,000 after acquiring an additional 37,300 shares during the last quarter. 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.