Tilray (NASDAQ:TLRY) Trading Down 3% - Here's Why

Tilray Inc (NASDAQ:TLRY - Get Free Report) shares were down 3% on Tuesday . The stock traded as low as $0.47 and last traded at $0.47. Approximately 5,409,548 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 29,371,488 shares. The stock had previously closed at $0.49.

Analyst Upgrades and Downgrades

TLRY has been the topic of several analyst reports. Canaccord Genuity Group increased their price target on Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a report on Monday, January 13th. Piper Sandler lowered their target price on shares of Tilray from $2.00 to $1.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Finally, Roth Capital reissued a "neutral" rating on shares of Tilray in a research report on Monday, April 14th.

Tilray Trading Down 5.4 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54. The company has a market capitalization of $421.94 million, a P/E ratio of -1.50 and a beta of 1.88. The company has a 50-day simple moving average of $0.67 and a 200 day simple moving average of $1.13.

Tilray (NASDAQ:TLRY - Get Free Report) last released its earnings results on Tuesday, April 8th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate 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%. Sell-side analysts expect that Tilray Inc will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. increased its holdings in Tilray by 174.7% in 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 period. Quinn Opportunity Partners LLC boosted its holdings in Tilray by 108.0% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company's stock valued at $2,152,000 after purchasing an additional 840,000 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Tilray by 9.9% in the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company's stock valued at $347,000 after purchasing an additional 23,439 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Tilray in the 4th quarter worth approximately $255,000. Finally, Swiss National Bank lifted its position in shares of Tilray by 10.2% during the 4th quarter. Swiss National Bank now owns 1,776,638 shares of the company's stock worth $2,363,000 after buying an additional 164,600 shares during the period. 9.35% of the stock is currently owned by 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.