Tilray (NASDAQ:TLRY) Shares Gap Down Following Weak Earnings

Shares of Tilray Inc (NASDAQ:TLRY - Get Free Report) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $1.37, but opened at $1.24. Tilray shares last traded at $1.19, with a volume of 18,319,993 shares trading hands.

The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The firm had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The business's quarterly revenue was up 8.7% compared to the same quarter last year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, CFO Carl A. Merton purchased 26,000 shares of the company's stock in a transaction on Friday, November 15th. The shares were bought 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 approximately $35,360. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tilray

Several hedge funds have recently modified their holdings of TLRY. BNP Paribas Financial Markets raised its stake in Tilray by 1,314.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company's stock valued at $3,202,000 after purchasing an additional 1,690,827 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Tilray during the 3rd quarter valued at $1,348,000. Bank of Montreal Can lifted its position in shares of Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company's stock worth $3,622,000 after buying an additional 355,778 shares during the last quarter. Creative Planning grew its stake in Tilray by 36.6% in the 3rd quarter. Creative Planning now owns 141,921 shares of the company's stock valued at $250,000 after buying an additional 38,054 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Tilray by 11.5% in the second quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company's stock worth $1,131,000 after acquiring an additional 70,605 shares during the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Stock Down 10.2 %

The stock has a market capitalization of $1.11 billion, a P/E ratio of -4.56 and a beta of 2.08. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.47 and a quick ratio of 1.57. The firm has a 50 day moving average of $1.37 and a 200-day moving average of $1.62.

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.