Tilray (NASDAQ:TLRY) Shares Down 3% – Should You Sell?

Shares of Tilray Inc (NASDAQ:TLRY) traded down 3% during trading on Wednesday . The company traded as low as $0.66 and last traded at $0.66. 4,026,685 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 30,794,858 shares. The stock had previously closed at $0.68.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group boosted their price objective on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a report on Monday, January 13th. Three equities research 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.com, Tilray presently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The firm has a 50 day simple moving average of $0.87 and a 200-day simple moving average of $1.27. The company has a market cap of $621.38 million, a price-to-earnings ratio of -2.21 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

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

Hedge Funds Weigh In On Tilray

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TLRY. Bank of Montreal Can boosted its holdings in shares of Tilray by 0.3% in the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock valued at $3,787,000 after buying an additional 7,406 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Tilray by 4.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 715,672 shares of the company’s stock valued at $1,260,000 after purchasing an additional 33,194 shares during the period. BNP Paribas Financial Markets grew its stake 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 buying an additional 1,690,827 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in Tilray during the third quarter worth approximately $127,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tilray by 6.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,677,899 shares of the company’s stock valued at $2,953,000 after buying an additional 107,530 shares during the last quarter. Hedge funds and other 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.