Tilray (NASDAQ:TLRY) Shares Down 2.6% – What’s Next?

Shares of Tilray Inc (NASDAQ:TLRY) were down 2.6% during mid-day trading on Monday . The company traded as low as $1.30 and last traded at $1.32. Approximately 7,440,839 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 25,435,211 shares. The stock had previously closed at $1.35.

Wall Street Analyst Weigh In

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

Tilray Stock Performance

The firm’s 50 day moving average is $1.64 and its 200-day moving average is $1.76. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -4.85 and a beta of 2.14. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 2.47.

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

Insiders Place Their Bets

In related news, CFO Carl A. Merton acquired 26,000 shares of the firm’s stock in a transaction on 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 acquisition, the chief financial officer now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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