Tilray (NASDAQ:TLRY) Stock Price Down 0.6% – What’s Next?

Tilray Inc (NASDAQ:TLRY)’s share price was down 0.6% during trading on Tuesday . The stock traded as low as $0.67 and last traded at $0.68. Approximately 7,088,208 shares changed hands during trading, a decline of 84% from the average daily volume of 43,770,961 shares. The stock had previously closed at $0.68.

Analysts Set New Price Targets

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

Tilray Stock Performance

The business has a 50-day moving average of $0.90 and a two-hundred day moving average of $1.29. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $639.76 million, a price-to-earnings ratio of -2.27 and a beta of 2.13.

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

Hedge Funds Weigh In On Tilray

A number of hedge funds and other institutional investors have recently made changes to their positions in TLRY. BNP Paribas Financial Markets raised its position in Tilray by 1,314.1% in the third 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. Point72 Asset Management L.P. bought a new stake in shares of Tilray in the 3rd quarter valued at approximately $1,348,000. Atria Wealth Solutions Inc. raised its holdings in shares of Tilray by 174.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock worth $112,000 after buying an additional 53,751 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Tilray by 9.9% during the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company’s stock worth $347,000 after buying an additional 23,439 shares during the period. Finally, Barclays PLC grew its position in Tilray by 600.4% in the third quarter. Barclays PLC now owns 204,144 shares of the company’s stock valued at $359,000 after acquiring an additional 174,997 shares during the period. 9.35% of the stock is owned by 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.