Tilray (NASDAQ:TLRY) Shares Down 1.5% – Here’s Why

Tilray Inc (NASDAQ:TLRY) traded down 1.5% on Wednesday . The company traded as low as $1.62 and last traded at $1.63. 8,519,988 shares traded hands during trading, a decline of 66% from the average session volume of 25,141,068 shares. The stock had previously closed at $1.65.

Tilray Trading Down 0.9 %

The company has a market capitalization of $1.27 billion, a PE ratio of -3.72 and a beta of 2.13. 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 stock has a fifty day moving average of $1.77 and a two-hundred day moving average of $1.87.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings data on Monday, July 29th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The firm had revenue of $229.90 million for the quarter, compared to analysts’ expectations of $226.20 million. Tilray had a negative net margin of 30.26% and a negative return on equity of 2.63%. The business’s quarterly revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.15) earnings per share. As a group, sell-side analysts anticipate that Tilray Inc will post -0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray

Large investors have recently bought and sold shares of the stock. Bank of Montreal Can boosted its position in shares of Tilray by 19.6% during the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock valued at $3,622,000 after purchasing an additional 355,778 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Tilray in the first quarter worth $118,000. Avantax Advisory Services Inc. boosted its holdings in Tilray by 46.2% in the first quarter. Avantax Advisory Services Inc. now owns 53,110 shares of the company’s stock worth $131,000 after acquiring an additional 16,792 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in Tilray in the first quarter worth $75,000. Finally, CIBC Asset Management Inc boosted its holdings in Tilray by 13.3% in the second quarter. CIBC Asset Management Inc now owns 871,299 shares of the company’s stock worth $1,445,000 after acquiring an additional 102,316 shares in the last quarter. 9.35% of the stock is owned by hedge funds and other 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.