Tilray (NASDAQ:TLRY) Shares Down 4.8% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s stock price fell 4.8% during mid-day trading on Wednesday . The company traded as low as $1.37 and last traded at $1.38. 16,479,722 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 41,312,246 shares. The stock had previously closed at $1.45.

Wall Street Analysts Forecast Growth

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

Tilray Price Performance

The stock’s 50 day moving average price is $1.38 and its two-hundred day moving average price is $1.63. 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 firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -5.15 and a beta of 2.08.

Tilray (NASDAQ:TLRY) last released 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). Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The company had revenue of $200.00 million during the quarter, compared to analysts’ expectations of $218.70 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, equities research analysts anticipate that Tilray Inc will post -0.14 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Carl A. Merton acquired 26,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were bought at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now owns 26,000 shares in the company, valued at $35,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Tilray

A number of institutional investors have recently added to or reduced their stakes in TLRY. Wealth Enhancement Advisory Services LLC raised its holdings in Tilray by 22.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock valued at $70,000 after acquiring an additional 7,339 shares in the last quarter. Bank of Montreal Can lifted its position in Tilray by 0.3% in the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock worth $3,787,000 after purchasing an additional 7,406 shares during the period. Arizona State Retirement System boosted its stake in Tilray by 4.4% during the second quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock worth $360,000 after buying an additional 9,171 shares in the last quarter. Pallas Capital Advisors LLC increased its holdings in Tilray by 58.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock valued at $52,000 after buying an additional 11,632 shares during the period. Finally, Ferguson Wellman Capital Management Inc. acquired a new position in shares of Tilray in the 3rd quarter valued at $26,000. 9.35% of the stock is owned by institutional investors and hedge funds.

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.