Tilray (NASDAQ:TLRY) Stock Price Down 3.6% - Here's Why

Tilray Inc (NASDAQ:TLRY - Get Free Report) shares dropped 3.6% during mid-day trading on Monday . The stock traded as low as $0.67 and last traded at $0.67. Approximately 6,278,259 shares changed hands during trading, a decline of 86% from the average daily volume of 44,732,500 shares. The stock had previously closed at $0.69.

Analyst Ratings Changes

Separately, Canaccord Genuity Group boosted their target price on shares of Tilray from $2.00 to $3.00 and gave the company 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.70.

Tilray Stock Down 7.1 %

The firm's fifty day moving average is $1.01 and its two-hundred day moving average is $1.35. The firm has a market cap of $556.97 million, a price-to-earnings ratio of -1.99 and a beta of 2.13. 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 posted its quarterly earnings data 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 net margin of 30.95% and a negative return on equity of 4.40%. The company had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. The company's revenue was up 8.7% compared to the same quarter last year. On average, sell-side analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

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Institutional Trading of Tilray

Hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Tilray by 22.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company's stock valued at $70,000 after acquiring an additional 7,339 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Tilray in the 3rd quarter worth approximately $110,000. Apollon Wealth Management LLC acquired a new stake in Tilray during the third quarter valued at approximately $63,000. Ferguson Wellman Capital Management Inc. bought a new stake in Tilray during the third quarter worth approximately $26,000. Finally, CIBC Asset Management Inc grew its position in Tilray by 4.2% in the third quarter. CIBC Asset Management Inc now owns 908,098 shares of the company's stock worth $1,599,000 after buying an additional 36,799 shares during the last quarter. Institutional investors own 9.35% of the company's stock.

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.