Tilray (NASDAQ:TLRY) Trading Down 7.8% - What's Next?

Tilray Inc (NASDAQ:TLRY - Get Free Report) shares traded down 7.8% on Tuesday . The stock traded as low as $0.59 and last traded at $0.60. 17,704,220 shares traded hands during trading, a decline of 60% from the average session volume of 44,489,898 shares. The stock had previously closed at $0.65.

Wall Street Analysts Forecast Growth

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

Tilray Price Performance

The stock has a market cap of $573.84 million, a P/E ratio of -2.03 and a beta of 2.13. The firm's fifty day moving average price is $0.99 and its 200-day moving average price is $1.35. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10.

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

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Hedge Funds Weigh In On Tilray

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