Tilray (NASDAQ:TLRY) Shares Gap Down - Should You Sell?

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $1.24, but opened at $1.21. Tilray shares last traded at $1.23, with a volume of 3,448,288 shares changing hands.

Analyst Ratings Changes

Separately, Roth Mkm dropped their price objective on Tilray from $2.00 to $1.75 and set a "neutral" rating for the company in a report on Friday, October 11th.

Tilray Stock Down 6.5 %

The company's fifty day simple moving average is $1.46 and its 200 day simple moving average is $1.66. The firm has a market capitalization of $1.05 billion, a P/E ratio of -4.30 and a beta of 2.08. The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08.

Tilray (NASDAQ:TLRY - Get Free Report) last posted its earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share 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) EPS. The business's revenue for the quarter was up 13.0% on a year-over-year basis. Research analysts expect that Tilray Inc will post -0.14 EPS for the current year.

Insider Activity

In related news, CFO Carl A. Merton purchased 26,000 shares of the business's stock in a transaction that occurred 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 purchase, the chief financial officer now directly owns 26,000 shares of the company's stock, valued at approximately $35,360. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On Tilray

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Montreal Can grew its position in Tilray by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company's stock valued at $3,787,000 after purchasing an additional 7,406 shares during the last quarter. State Street Corp lifted its stake in shares of Tilray by 4.7% in the third quarter. State Street Corp now owns 1,961,338 shares of the company's stock worth $3,452,000 after buying an additional 88,079 shares in the last quarter. BNP Paribas Financial Markets grew its holdings 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 buying an additional 1,690,827 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Tilray by 2.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company's stock worth $2,617,000 after acquiring an additional 37,300 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors.

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.