Tilray (NASDAQ:TLRY) Shares Down 1.4% – What’s Next?

Tilray Inc (NASDAQ:TLRY)’s share price dropped 1.4% during mid-day trading on Wednesday . The stock traded as low as $1.38 and last traded at $1.41. Approximately 52,686,699 shares traded hands during trading, an increase of 101% from the average daily volume of 26,246,777 shares. The stock had previously closed at $1.43.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm cut their price objective on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research report on Friday, October 11th.

Tilray Stock Performance

The firm has a market cap of $1.34 billion, a PE ratio of -5.48 and a beta of 2.09. The stock has a 50-day moving average price of $1.43 and a 200 day moving average price of $1.64. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.47 and a quick ratio of 1.57.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The firm had revenue of $200.00 million for the quarter, compared to analyst estimates of $218.70 million. During the same period last year, the company earned ($0.10) EPS. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. Research analysts forecast that Tilray Inc will post -0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Carl A. Merton acquired 26,000 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $35,360. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TLRY. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Tilray by 22.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock worth $70,000 after purchasing an additional 7,339 shares during the period. Bank of Montreal Can increased its position in Tilray by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock worth $3,787,000 after purchasing an additional 7,406 shares in the last quarter. Arizona State Retirement System raised its holdings in Tilray by 4.4% in the second quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock valued at $360,000 after buying an additional 9,171 shares during the period. Pallas Capital Advisors LLC lifted its position in Tilray by 58.1% during the third quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock valued at $52,000 after buying an additional 11,632 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new stake in Tilray during the third quarter worth approximately $26,000. Institutional investors and hedge funds 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.