Tilray (NASDAQ:TLRY) Stock Price Down 4.3% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY) dropped 4.3% during mid-day trading on Wednesday . The stock traded as low as $1.22 and last traded at $1.23. Approximately 14,071,031 shares traded hands during trading, a decline of 45% from the average daily volume of 25,580,971 shares. The stock had previously closed at $1.28.

Wall Street Analyst Weigh In

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

Tilray Stock Down 2.0 %

The firm’s 50-day moving average price is $1.51 and its 200-day moving average price is $1.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.47 and a quick ratio of 1.57. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -4.54 and a beta of 2.09.

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

Insiders Place Their Bets

In other Tilray news, CFO Carl A. Merton bought 26,000 shares of the stock in a transaction dated Friday, November 15th. The stock was bought at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the purchase, the chief financial officer now directly owns 26,000 shares of the company’s stock, valued at approximately $35,360. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.87% of the stock is owned by company insiders.

Institutional Trading of Tilray

A number of hedge funds have recently made changes to their positions in the stock. Ferguson Wellman Capital Management Inc. bought a new position in Tilray during the 3rd quarter valued at $26,000. Signature Estate & Investment Advisors LLC acquired a new position in Tilray in the second quarter worth about $29,000. Jeppson Wealth Management LLC acquired a new stake in Tilray during the second quarter valued at approximately $33,000. Vanguard Capital Wealth Advisors bought a new position in Tilray during the 2nd quarter worth approximately $34,000. Finally, Pallas Capital Advisors LLC acquired a new position in shares of Tilray in the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Company Profile

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.