Tilray (NASDAQ:TLRY) Trading Down 4.1% After Earnings Miss

Tilray Inc (NASDAQ:TLRY) was down 4.1% during trading on Monday following a dissappointing earnings announcement. The stock traded as low as $1.16 and last traded at $1.18. Approximately 10,678,350 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 45,428,859 shares. The stock had previously closed at $1.23.

The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The business had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TLRY shares. Roth Mkm lowered their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a report on Friday, October 11th. Canaccord Genuity Group lifted their price target on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Tilray has an average rating of “Hold” and a consensus target price of $2.70.

Insider Transactions at Tilray

In other Tilray news, CFO Carl A. Merton bought 26,000 shares of Tilray stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now owns 26,000 shares of the company’s stock, valued at $35,360. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Tilray

A number of large investors have recently added to or reduced their stakes in TLRY. BNP Paribas Financial Markets lifted its position in shares of Tilray by 1,314.1% during 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 during the last quarter. Point72 Asset Management L.P. bought a new position in Tilray during the 3rd quarter worth approximately $1,348,000. Bank of Montreal Can grew its position in shares of Tilray by 19.6% in the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after acquiring an additional 355,778 shares in the last quarter. Creative Planning increased its holdings in shares of Tilray by 36.6% in the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after acquiring an additional 38,054 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Tilray by 11.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after acquiring an additional 70,605 shares in the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

Tilray Price Performance

The stock has a market capitalization of $1.07 billion, a P/E ratio of -4.37 and a beta of 2.08. The company has a 50 day moving average of $1.35 and a 200-day moving average of $1.61. The company has a quick ratio of 1.57, a current ratio of 2.47 and a debt-to-equity ratio of 0.08.

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.