Tilray (NASDAQ:TLRY) Shares Down 3.7% - What's Next?

Tilray Inc (NASDAQ:TLRY) experienced a 3.7% decline in its stock price during mid-day trading on Thursday, dropping to as low as $0.91 before closing at the same price. This trading session saw 16,658,641 shares exchanged, which is a significant drop of 65% compared to the average session volume of 47,119,441 shares. The stock had previously ended the previous day at $0.95.

Analyst Ratings Changes

In a recent report, Canaccord Genuity Group raised its target price for Tilray from $2.00 to $3.00, maintaining a "buy" rating for the stock as of January 13th. Currently, three research analysts have a hold rating on Tilray, while two analysts have given it a buy rating. As per MarketBeat.com, the stock is holding a consensus rating of "Hold" along with an average price target of $2.70.

Tilray Price Performance

Tilray holds a market capitalization of approximately $874.65 million, with a price-to-earnings (PE) ratio of -3.11 and a beta of 2.07. The company's fifty-day moving average stands at $1.20, while the two-hundred-day moving average is at $1.50. Financially, Tilray exhibits a quick ratio of 1.58, a current ratio of 2.54, and a low debt-to-equity ratio of 0.10.

On January 10th, Tilray reported its earnings for the past quarter. The company announced an earnings per share (EPS) loss of $0.10, falling short of analysts' expectations of a loss of $0.03 by $0.07. The reported revenue amounted to $210.90 million for the quarter, also below the forecast of $216.34 million by analysts. Tilray recorded a negative net margin of 30.95% and a negative return on equity of 4.40%. Nonetheless, its revenue showed an 8.7% increase year-over-year. Analysts are predicting that Tilray will report -$0.20 EPS for the current year.

Institutional Inflows and Outflows

Recently, several institutional investors and hedge funds have made notable changes to their stakes in Tilray. For instance, BNP Paribas Financial Markets increased its ownership of Tilray shares by an impressive 1,314.1% in the third quarter, now holding 1,819,494 shares valued at around $3.20 million. Additionally, Quinn Opportunity Partners LLC raised its stake by 108.0% during the fourth quarter, accumulating 1,618,080 shares worth $2.15 million after purchasing an additional 840,000 shares. Virtu Financial LLC and Dimensional Fund Advisors LP also made significant buy-ins during the fourth quarter. Currently, approximately 9.35% of Tilray shares are owned by hedge funds and institutional investors.

About Tilray

Tilray, Inc. operates in the research, cultivation, processing, and distribution of medical cannabis products. The company offers its products in various countries, including Argentina, Australia, Canada, and Germany, among others. Tilray is headquartered in Canada.

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