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

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price dropped 2.1% on Tuesday . The company traded as low as $0.44 and last traded at $0.45. Approximately 8,851,215 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 36,421,422 shares. The stock had previously closed at $0.46.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Piper Sandler cut their target price on shares of Tilray from $2.00 to $1.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Roth Capital reaffirmed a "neutral" rating on shares of Tilray in a research report on Monday, April 14th.

Tilray Price Performance

The company has a market cap of $498.22 million, a PE ratio of -1.65 and a beta of 1.95. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The stock's 50-day moving average is $0.53 and its 200 day moving average is $0.96.

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

Hedge Funds Weigh In On Tilray

Hedge funds and other institutional investors have recently modified their holdings of the stock. Newman Dignan & Sheerar Inc. increased its stake in Tilray by 61.9% during 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. Tower Research Capital LLC TRC lifted its position in Tilray by 55.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,875 shares of the company's stock worth $42,000 after acquiring an additional 11,325 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Tilray by 92.1% in the fourth quarter. NewEdge Advisors LLC now owns 27,406 shares of the company's stock valued at $36,000 after purchasing an additional 13,136 shares during the period. TD Waterhouse Canada Inc. raised its stake in shares of Tilray by 59.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 37,009 shares of the company's stock worth $49,000 after purchasing an additional 13,786 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in shares of Tilray by 68.0% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,121 shares of the company's stock worth $47,000 after purchasing an additional 14,221 shares during the period. 9.35% of the stock is 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.