Tilray (NASDAQ:TLRY) Trading Down 6.9% After Analyst Downgrade

Shares of Tilray Inc (NASDAQ:TLRY - Get Free Report) traded down 6.9% on Thursday after Canaccord Genuity Group lowered their price target on the stock from $4.25 to $4.00. Canaccord Genuity Group currently has a buy rating on the stock. Tilray traded as low as $1.88 and last traded at $1.88. 19,786,891 shares traded hands during trading, a decline of 31% from the average session volume of 28,873,145 shares. The stock had previously closed at $2.02.

Several other research analysts have also recently weighed in on TLRY. CIBC reduced their price target on Tilray from $2.25 to $2.00 and set a "neutral" rating for the company in a research report on Wednesday. Alliance Global Partners lifted their price target on Tilray from $2.25 to $2.75 and gave the company a "neutral" rating in a research report on Friday, April 5th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Tilray currently has a consensus rating of "Hold" and an average target price of $3.04.

Insider Activity

In other Tilray news, CEO Irwin D. Simon acquired 53,700 shares of the business's stock in a transaction dated Friday, January 12th. The stock was acquired at an average cost of $1.88 per share, for a total transaction of $100,956.00. Following the completion of the transaction, the chief executive officer now directly owns 2,033,058 shares of the company's stock, valued at $3,822,149.04. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Carl A. Merton purchased 20,000 shares of the company's stock in a transaction that occurred on Friday, January 12th. The stock was purchased at an average cost of $1.87 per share, for a total transaction of $37,400.00. Following the completion of the transaction, the chief financial officer now owns 20,000 shares of the company's stock, valued at $37,400. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Irwin D. Simon purchased 53,700 shares of the company's stock in a transaction that occurred on Friday, January 12th. The shares were purchased at an average price of $1.88 per share, with a total value of $100,956.00. Following the completion of the transaction, the chief executive officer now directly owns 2,033,058 shares of the company's stock, valued at approximately $3,822,149.04. The disclosure for this purchase can be found here. Insiders acquired 96,300 shares of company stock worth $183,210 over the last three months. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Tilray

Several large investors have recently made changes to their positions in TLRY. Macquarie Group Ltd. boosted its stake in Tilray by 188.8% during the second quarter. Macquarie Group Ltd. now owns 8,540 shares of the company's stock worth $27,000 after buying an additional 5,583 shares during the last quarter. Cetera Advisor Networks LLC acquired a new position in Tilray during the first quarter worth $82,000. Clear Street Markets LLC acquired a new position in Tilray during the third quarter worth $25,000. Kingsview Wealth Management LLC acquired a new position in Tilray during the second quarter worth $33,000. Finally, Squarepoint Ops LLC acquired a new position in Tilray during the fourth quarter worth $30,000. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

Tilray Price Performance

The stock has a 50 day simple moving average of $1.97 and a two-hundred day simple moving average of $1.98. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -0.86 and a beta of 2.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.63 and a quick ratio of 0.99.

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 Nanaimo, Canada.