Tilray (NASDAQ:TLRY) Shares Gap Down After Earnings Miss

Tilray Inc (NASDAQ:TLRY)’s stock price 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.

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

Wall Street Analyst Weigh In

Separately, Roth Mkm dropped their target price on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research report on Friday, October 11th.

Insider Buying and Selling at Tilray

In related news, CFO Carl A. Merton acquired 26,000 shares of the stock in a transaction on Friday, November 15th. The stock was purchased at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Institutional Trading of Tilray

Several hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its position in Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after buying an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Tilray in the third quarter valued at about $1,348,000. Bank of Montreal Can increased its position in Tilray by 19.6% in the second 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. Creative Planning raised its holdings in Tilray by 36.6% during the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after purchasing an additional 38,054 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in 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 purchasing an additional 70,605 shares during the period. 9.35% of the stock is owned by institutional investors.

Tilray Stock Down 10.2 %

The firm’s 50 day moving average price is $1.36 and its 200-day moving average price is $1.62. The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.11 billion, a P/E ratio of -4.56 and a beta of 2.08.

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.