Tilray (NASDAQ:TLRY) Shares Down 11.1% - Here's What Happened

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price was down 11.1% on Tuesday . The company traded as low as $0.51 and last traded at $0.52. Approximately 25,844,377 shares traded hands during trading, a decline of 13% from the average daily volume of 29,684,207 shares. The stock had previously closed at $0.58.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Tilray from $2.00 to $1.00 and set a "neutral" rating for the company in a research note on Wednesday. Canaccord Genuity Group boosted their price target on Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a research report on Monday, January 13th.

Tilray Price Performance

The stock has a market cap of $457.01 million, a PE ratio of -1.62 and a beta of 1.88. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The company's fifty day moving average is $0.73 and its 200 day moving average is $1.17.

Tilray (NASDAQ:TLRY - Get Free Report) last issued its earnings results on Tuesday, April 8th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The business had revenue of $185.78 million during the quarter, compared to analysts' expectations of $213.38 million. As a group, sell-side analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tilray

Several hedge funds have recently modified their holdings of TLRY. Lido Advisors LLC acquired a new position in Tilray in the 4th quarter worth $28,000. Dudley Capital Management LLC purchased a new position in Tilray in the fourth quarter valued at about $29,000. Verdence Capital Advisors LLC acquired a new stake in Tilray during the 4th quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new stake in Tilray during the 4th quarter worth approximately $32,000. Finally, Newman Dignan & Sheerar Inc. raised its position in shares of Tilray by 61.9% in the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company's stock valued at $35,000 after purchasing an additional 10,000 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.