Tilray (NASDAQ:TLRY) Shares Down 1.2% – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) were down 1.2% on Thursday . The company traded as low as $0.40 and last traded at $0.40. Approximately 6,976,511 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 28,619,661 shares. The stock had previously closed at $0.41.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TLRY shares. Piper Sandler cut their price objective on Tilray from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Roth Capital reissued a “neutral” rating on shares of Tilray in a report on Monday, April 14th.

Tilray Price Performance

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 has a 50 day moving average price of $0.47 and a 200-day moving average price of $0.85. The stock has a market capitalization of $408.23 million, a price-to-earnings ratio of -1.35 and a beta of 1.95.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data on Tuesday, April 8th. The company reported ($0.10) earnings per share 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 return on equity of 4.40% and a negative net margin of 30.95%. On average, analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray

Institutional investors and hedge funds have recently modified their holdings of the company. Lido Advisors LLC purchased a new stake in shares of Tilray in the 4th quarter valued at $28,000. Verdence Capital Advisors LLC purchased a new stake in shares of Tilray in the 4th quarter valued at $29,000. Dudley Capital Management LLC purchased a new stake in shares of Tilray in the 4th quarter valued at $29,000. Cerity Partners LLC purchased a new stake in Tilray during the 1st quarter worth about $31,000. Finally, Capital Management Associates Inc increased its holdings in Tilray by 100.0% during the 1st quarter. Capital Management Associates Inc now owns 50,760 shares of the company’s stock worth $33,000 after purchasing an additional 25,380 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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.