Tilray (NASDAQ:TLRY) Trading Down 1.7% - Here's What Happened

Shares of Tilray Inc (NASDAQ:TLRY - Get Free Report) traded down 1.7% during mid-day trading on Tuesday . The company traded as low as $1.15 and last traded at $1.16. 13,606,366 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 42,993,078 shares. The stock had previously closed at $1.18.

Wall Street Analyst Weigh In

Several analysts have commented on TLRY shares. Roth Mkm dropped their target price 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. Canaccord Genuity Group lifted their price target on shares of Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Tilray currently has an average rating of "Hold" and a consensus target price of $2.70.

Tilray Price Performance

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

Tilray (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The firm had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Tilray Inc will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Tilray

In other news, CFO Carl A. Merton purchased 26,000 shares of the company's stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, with a total value of $35,360.00. Following the acquisition, the chief financial officer now owns 26,000 shares in the company, valued at approximately $35,360. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On Tilray

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew 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 buying an additional 1,690,827 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Tilray during the 3rd quarter worth $1,348,000. Bank of Montreal Can increased 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 purchasing an additional 355,778 shares during the period. XTX Topco Ltd raised its stake in Tilray by 1,079.7% in the third quarter. XTX Topco Ltd now owns 281,504 shares of the company's stock valued at $495,000 after purchasing an additional 257,641 shares in the last quarter. Finally, Barclays PLC lifted its position in Tilray by 600.4% during the third quarter. Barclays PLC now owns 204,144 shares of the company's stock worth $359,000 after purchasing an additional 174,997 shares during the period. 9.35% of the stock is owned by institutional investors.

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.