Tilray (NASDAQ:TLRY) Shares Gap Down - Here's Why

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $0.71, but opened at $0.70. Tilray shares last traded at $0.68, with a volume of 3,606,258 shares trading hands.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group increased their target price on shares of Tilray from $2.00 to $3.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Tilray currently has an average rating of "Hold" and an average target price of $2.70.

Tilray Price Performance

The business has a 50-day moving average price of $0.85 and a two-hundred day moving average price of $1.26. 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 company has a market capitalization of $616.51 million, a price-to-earnings ratio of -2.19 and a beta of 2.13.

Tilray (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data 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 during 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, research analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

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Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TLRY. BNP Paribas Financial Markets raised its position in Tilray by 1,314.1% in the 3rd 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. Tidal Investments LLC raised its holdings in shares of Tilray by 9.2% in the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company's stock valued at $14,092,000 after purchasing an additional 889,086 shares during the last quarter. Quinn Opportunity Partners LLC lifted its position in shares of Tilray by 108.0% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company's stock valued at $2,152,000 after purchasing an additional 840,000 shares in the last quarter. Virtu Financial LLC purchased a new position in Tilray during the fourth quarter worth about $1,029,000. Finally, Dimensional Fund Advisors LP grew its position in Tilray by 54.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock worth $2,890,000 after purchasing an additional 769,569 shares in 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.