Tilray (NASDAQ:TLRY) Shares Down 2.3% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s share price dropped 2.3% during mid-day trading on Tuesday . The company traded as low as $1.28 and last traded at $1.29. Approximately 9,181,452 shares changed hands during trading, a decline of 64% from the average daily volume of 25,460,131 shares. The stock had previously closed at $1.32.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lowered their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a report on Friday, October 11th.

Tilray Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 2.47. The stock’s fifty day moving average price is $1.65 and its 200-day moving average price is $1.76. The firm has a market cap of $1.19 billion, a PE ratio of -4.78 and a beta of 2.14.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). The company had revenue of $200.00 million during the quarter, compared to the consensus estimate of $218.70 million. Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the firm earned ($0.10) EPS. As a group, equities analysts forecast that Tilray Inc will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tilray news, CFO Carl A. Merton acquired 26,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the transaction, the chief financial officer now directly owns 26,000 shares of the company’s stock, valued at approximately $35,360. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by company insiders.

Institutional Trading of Tilray

Several institutional investors and hedge funds have recently modified their holdings of TLRY. Bank of Montreal Can raised its position in shares of Tilray by 19.6% during the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after purchasing an additional 355,778 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Tilray in the first quarter worth $118,000. Avantax Advisory Services Inc. lifted its position in shares of Tilray by 46.2% in the first quarter. Avantax Advisory Services Inc. now owns 53,110 shares of the company’s stock valued at $131,000 after acquiring an additional 16,792 shares in the last quarter. Creative Planning boosted its stake in shares of Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after acquiring an additional 38,054 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Tilray by 11.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock worth $1,131,000 after purchasing an additional 70,605 shares in the last quarter. 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.