Tilray (NASDAQ:TLRY) Shares Gap Down on Disappointing Earnings

Tilray Inc (NASDAQ:TLRY) shares gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $1.37, but opened at $1.24. Tilray shares last traded at $1.19, with a volume of 18,319,993 shares trading hands.

The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The firm had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis.

Analyst Ratings Changes

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 report on Friday, October 11th.

Insiders Place Their Bets

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of Tilray stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now owns 26,000 shares of the company’s stock, valued at approximately $35,360. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

A number of institutional investors and hedge funds have recently made changes to their positions in TLRY. TD Asset Management Inc lifted its holdings in shares of Tilray by 8.1% in the 2nd quarter. TD Asset Management Inc now owns 1,373,045 shares of the company’s stock valued at $2,278,000 after acquiring an additional 103,207 shares during the last quarter. Arizona State Retirement System raised its position in Tilray by 4.4% during the second quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock valued at $360,000 after purchasing an additional 9,171 shares during the period. PFG Investments LLC lifted its stake in shares of Tilray by 22.2% in the 2nd quarter. PFG Investments LLC now owns 157,846 shares of the company’s stock valued at $262,000 after purchasing an additional 28,647 shares during the last quarter. J.W. Cole Advisors Inc. boosted its holdings in shares of Tilray by 1,077.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 171,054 shares of the company’s stock worth $284,000 after purchasing an additional 156,524 shares during the period. Finally, WINTON GROUP Ltd bought a new position in shares of Tilray during the 2nd quarter valued at approximately $83,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Stock Down 10.2 %

The company has a market cap of $1.11 billion, a PE ratio of -4.56 and a beta of 2.08. The company has a fifty day moving average of $1.37 and a two-hundred day moving average of $1.62. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 2.47.

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.