Tilray (NASDAQ:TLRY) Shares Gap Down on Disappointing Earnings

Tilray Inc (NASDAQ:TLRY) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $1.37, but opened at $1.24. Tilray shares last traded at $1.19, with a volume of 18,319,993 shares traded.

The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The company had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The firm’s revenue was up 8.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lowered their price objective on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday, October 11th.

Insider Activity

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of Tilray stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost of $1.36 per share, with a total value of $35,360.00. Following the completion of the transaction, the chief financial officer now owns 26,000 shares in the company, valued at approximately $35,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ferguson Wellman Capital Management Inc. acquired a new position in Tilray during the 3rd quarter valued at approximately $26,000. Vanguard Capital Wealth Advisors purchased a new position in shares of Tilray in the second quarter worth about $34,000. International Assets Investment Management LLC lifted its holdings in shares of Tilray by 335.3% during the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock worth $42,000 after purchasing an additional 18,208 shares during the period. Vista Capital Partners Inc. acquired a new position in Tilray in the 3rd quarter worth approximately $42,000. Finally, Capital Management Associates Inc purchased a new position in Tilray during the 3rd quarter worth approximately $45,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Price Performance

The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -4.61 and a beta of 2.08. The stock’s 50 day moving average price is $1.37 and its two-hundred day moving average price is $1.62. The company has a quick ratio of 1.57, a current ratio of 2.47 and a debt-to-equity ratio of 0.08.

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.