Tilray (NASDAQ:TLRY) Trading Down 3% - Should You Sell?

Tilray Inc (NASDAQ:TLRY - Get Free Report) shares dropped 3% during mid-day trading on Wednesday . The company traded as low as $0.66 and last traded at $0.66. Approximately 4,026,685 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 30,794,858 shares. The stock had previously closed at $0.68.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group upped their price target on shares of Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Tilray presently has an average rating of "Hold" and an average price target of $2.70.

Tilray Trading Down 7.2 %

The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company has a market cap of $621.38 million, a price-to-earnings ratio of -2.21 and a beta of 2.13. The firm has a 50-day moving average price of $0.85 and a 200 day moving average price of $1.27.

Tilray (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.07). The business had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The firm's revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Tilray Inc will post -0.2 EPS for the current year.

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Hedge Funds Weigh In On Tilray

A number of hedge funds and other institutional investors have recently bought and sold shares of TLRY. BNP Paribas Financial Markets lifted its holdings in shares of Tilray by 1,314.1% in the 3rd 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 during the last quarter. Point72 Asset Management L.P. acquired a new stake in Tilray in the third quarter worth $1,348,000. Atria Wealth Solutions Inc. lifted its stake in Tilray by 174.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company's stock valued at $112,000 after buying an additional 53,751 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Tilray by 9.9% during the fourth quarter. Arizona State Retirement System now owns 261,233 shares of the company's stock valued at $347,000 after acquiring an additional 23,439 shares during the period. Finally, Swiss National Bank grew its position in shares of Tilray by 10.2% during the fourth quarter. Swiss National Bank now owns 1,776,638 shares of the company's stock worth $2,363,000 after acquiring an additional 164,600 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.