Tilray (NASDAQ:TLRY) Stock Price Down 2% – Time to Sell?

Shares of Tilray Inc (NASDAQ:TLRY) were down 2% on Monday . The company traded as low as $0.96 and last traded at $0.98. Approximately 25,131,001 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 47,105,063 shares. The stock had previously closed at $1.00.

Wall Street Analysts Forecast Growth

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

Tilray Stock Performance

The stock has a market cap of $890.12 million, a price-to-earnings ratio of -3.16 and a beta of 2.07. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The firm has a fifty day moving average of $1.23 and a 200 day moving average of $1.52.

Tilray (NASDAQ:TLRY) last issued its 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 analyst estimates of $216.34 million. The firm’s revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts forecast that Tilray Inc will post -0.2 EPS for the current year.

Insider Buying and Selling at Tilray

In other Tilray news, CFO Carl A. Merton bought 26,000 shares of Tilray stock in a transaction on Friday, November 15th. The shares were bought at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now directly owns 26,000 shares of the company’s stock, valued at $35,360. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray

A number of hedge funds have recently modified their holdings of TLRY. BNP Paribas Financial Markets lifted its position in Tilray by 1,314.1% in the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after buying an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Tilray in the 3rd quarter valued at approximately $1,348,000. Creative Planning lifted its holdings in shares of Tilray by 36.6% in the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after acquiring an additional 38,054 shares during the last quarter. Barclays PLC boosted its position in shares of Tilray by 600.4% during the 3rd quarter. Barclays PLC now owns 204,144 shares of the company’s stock worth $359,000 after purchasing an additional 174,997 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in Tilray by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after purchasing an additional 18,208 shares during the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.