Tilray (NASDAQ:TLRY) Shares Down 6.2% Following Analyst Downgrade

Shares of Tilray Inc (NASDAQ:TLRY - Get Free Report) dropped 6.2% during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $2.00 to $1.00. Piper Sandler currently has a neutral rating on the stock. Tilray traded as low as $0.49 and last traded at $0.50. Approximately 4,866,950 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 29,500,283 shares. The stock had previously closed at $0.53.

Separately, Canaccord Genuity Group upped 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.

Hedge Funds Weigh In On Tilray

Several institutional investors have recently made changes to their positions in TLRY. Lido Advisors LLC bought a new stake in Tilray during the 4th quarter valued at $28,000. Verdence Capital Advisors LLC acquired a new position in shares of Tilray during the fourth quarter valued at about $29,000. Dudley Capital Management LLC bought a new stake in shares of Tilray during the fourth quarter worth about $29,000. Ameritas Advisory Services LLC acquired a new stake in shares of Tilray in the 4th quarter worth about $32,000. Finally, Newman Dignan & Sheerar Inc. raised its holdings in shares of Tilray by 61.9% in the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company's stock worth $35,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 9.35% of the company's stock.

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Tilray Stock Performance

The firm has a market cap of $442.57 million, a P/E ratio of -1.57 and a beta of 1.88. 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's 50-day moving average is $0.73 and its two-hundred day moving average is $1.17.

Tilray (NASDAQ:TLRY - Get Free Report) last posted its earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The firm had revenue of $185.78 million during the quarter, compared to the consensus estimate of $213.38 million. As a group, equities analysts predict that Tilray Inc will post -0.2 EPS for the current fiscal year.

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.