Tilray (NASDAQ:TLRY) Shares Down 3.1% – Time to Sell?

Tilray Inc (NASDAQ:TLRY)’s share price dropped 3.1% on Wednesday . The stock traded as low as $0.64 and last traded at $0.66. Approximately 12,103,458 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 31,299,955 shares. The stock had previously closed at $0.68.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group increased their target price on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Tilray presently has an average rating of “Hold” and a consensus target price of $2.70.

Tilray Price Performance

The company’s 50-day moving average is $0.95 and its 200-day moving average is $1.32. The firm has a market cap of $605.73 million, a price-to-earnings ratio of -2.15 and a beta of 2.13. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last issued its earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The business had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. The firm’s revenue was up 8.7% on a year-over-year basis. Equities research analysts predict that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its position in Tilray by 1,314.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after purchasing an additional 1,690,827 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Tilray by 9.2% in the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock worth $14,092,000 after purchasing an additional 889,086 shares during the last quarter. Quinn Opportunity Partners LLC lifted its holdings in Tilray by 108.0% during the 4th 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 during the period. Virtu Financial LLC bought a new stake in shares of Tilray in the 4th quarter valued at about $1,029,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Tilray by 54.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after buying an additional 769,569 shares during the period. Institutional investors own 9.35% of the company’s stock.

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.