Tilray (NASDAQ:TLRY) Trading Down 2.1% - Here's Why

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price fell 2.1% during mid-day trading on Friday . The company traded as low as $0.42 and last traded at $0.43. 5,221,837 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 28,453,358 shares. The stock had previously closed at $0.44.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group increased their price target on Tilray from $2.00 to $3.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Roth Capital reaffirmed a "neutral" rating on shares of Tilray in a report on Monday, April 14th. Finally, Piper Sandler cut their price target on shares of Tilray from $2.00 to $1.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th.

Tilray Stock Performance

The stock's 50 day moving average price is $0.56 and its two-hundred day moving average price is $1.00. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $429.77 million, a price-to-earnings ratio of -1.42 and a beta of 1.95.

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

Institutional Investors Weigh In On Tilray

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in shares of Tilray by 112.7% in the fourth quarter. JPMorgan Chase & Co. now owns 919,082 shares of the company's stock valued at $1,222,000 after purchasing an additional 487,051 shares in the last quarter. Atria Wealth Solutions Inc. grew its holdings in Tilray by 174.7% during the 4th quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company's stock valued at $112,000 after buying an additional 53,751 shares during the last quarter. Quinn Opportunity Partners LLC increased its position in Tilray by 108.0% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company's stock worth $2,152,000 after buying an additional 840,000 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Tilray in the fourth quarter worth $255,000. Finally, Arizona State Retirement System raised its holdings in shares of Tilray by 9.9% in the fourth quarter. Arizona State Retirement System now owns 261,233 shares of the company's stock worth $347,000 after acquiring an additional 23,439 shares during the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.