Tilray (NASDAQ:TLRY) Stock Price Down 2.2% – Here’s Why

Tilray Inc (NASDAQ:TLRY) dropped 2.2% on Tuesday . The company traded as low as $0.91 and last traded at $0.91. Approximately 16,618,676 shares changed hands during trading, a decline of 64% from the average daily volume of 46,338,965 shares. The stock had previously closed at $0.93.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group raised their price target on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research 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 company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Stock Performance

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 price of $1.17 and a two-hundred day moving average price of $1.47. The stock has a market capitalization of $813.60 million, a PE ratio of -2.89 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last announced 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). The firm had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. Tilray’s quarterly revenue was up 8.7% compared to the same quarter last year. Research analysts expect that Tilray Inc will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Tilray

A number of institutional investors have recently modified their holdings of TLRY. BNP Paribas Financial Markets raised its stake in shares of Tilray by 1,314.1% during the 3rd 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. Tidal Investments LLC grew its position 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 acquiring an additional 889,086 shares during the period. Quinn Opportunity Partners LLC grew its position in shares of Tilray by 108.0% during the 4th quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company’s stock valued at $2,152,000 after acquiring an additional 840,000 shares during the period. Virtu Financial LLC acquired a new stake in shares of Tilray during the 4th quarter valued at about $1,029,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Tilray by 54.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after acquiring an additional 769,569 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.