Tilray (NASDAQ:TLRY) Stock Price Down 1.2% on Analyst Downgrade

Tilray Inc (NASDAQ:TLRY)’s share price dropped 1.2% on Monday after Roth Mkm lowered their price target on the stock from $2.00 to $1.75. Roth Mkm currently has a neutral rating on the stock. Tilray traded as low as $1.57 and last traded at $1.61. Approximately 9,479,634 shares changed hands during trading, a decline of 62% from the average daily volume of 25,246,178 shares. The stock had previously closed at $1.63.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Bank of Montreal Can lifted its stake in shares of Tilray by 19.6% during the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after purchasing an additional 355,778 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Tilray in the 1st quarter worth $118,000. Avantax Advisory Services Inc. raised its position in shares of Tilray by 46.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 53,110 shares of the company’s stock worth $131,000 after buying an additional 16,792 shares during the period. Concurrent Investment Advisors LLC purchased a new position in shares of Tilray in the 1st quarter worth $75,000. Finally, CIBC Asset Management Inc raised its position in shares of Tilray by 13.3% in the 2nd quarter. CIBC Asset Management Inc now owns 871,299 shares of the company’s stock worth $1,445,000 after buying an additional 102,316 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Stock Down 2.5 %

The company has a current ratio of 2.27, a quick ratio of 1.42 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.34 billion, a PE ratio of -6.02 and a beta of 2.13. The firm has a 50-day moving average of $1.75 and a two-hundred day moving average of $1.85.

Tilray (NASDAQ:TLRY) last issued its earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The business had revenue of $200.00 million for the quarter, compared to analyst estimates of $218.70 million. Tilray had a negative return on equity of 2.01% and a negative net margin of 26.79%. The business’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the company posted ($0.10) EPS. On average, equities research analysts forecast that Tilray Inc will post -0.16 EPS for the current year.

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.