Tilray (NASDAQ:TLRY) Shares Down 3.1% - Time to Sell?

Tilray Inc (NASDAQ:TLRY - Get Free Report) dropped 3.1% during trading on Wednesday . The company traded as low as $0.64 and last traded at $0.66. Approximately 12,103,458 shares were traded during trading, a decline of 61% from the average daily volume of 31,299,955 shares. The stock had previously closed at $0.68.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group increased their target price on Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Tilray presently has a consensus rating of "Hold" and a consensus price target of $2.70.

Tilray Stock Performance

The company has a market capitalization of $609.48 million, a P/E ratio of -2.17 and a beta of 2.13. The business has a 50-day moving average of $0.91 and a 200-day moving average of $1.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

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

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Hedge Funds Weigh In On Tilray

Several institutional investors have recently made changes to their positions in the company. Tidal Investments LLC increased its stake in shares of Tilray by 9.2% during the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company's stock valued at $14,092,000 after buying an additional 889,086 shares during the period. Bank of Montreal Can raised its stake in shares of Tilray by 14.4% during the 4th quarter. Bank of Montreal Can now owns 2,488,982 shares of the company's stock worth $3,310,000 after acquiring an additional 312,476 shares in the last quarter. Geode Capital Management LLC lifted its position in Tilray by 20.1% during the fourth quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company's stock valued at $3,200,000 after acquiring an additional 403,371 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Tilray by 54.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock valued at $2,890,000 after acquiring an additional 769,569 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Tilray by 17.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company's stock valued at $2,613,000 after acquiring an additional 286,481 shares during the last quarter. Hedge funds and other 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.