Tilray (NASDAQ:TLRY) Trading Down 11.7% Following Weak Earnings

Tilray Inc (NASDAQ:TLRY) traded down 11.7% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.18 and last traded at $1.21. 30,487,819 shares were traded during mid-day trading, a decline of 33% from the average session volume of 45,809,570 shares. The stock had previously closed at $1.37.

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

Wall Street Analyst Weigh In

Separately, Roth Mkm lowered their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday, October 11th.

Insider Activity at Tilray

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average cost of $1.36 per share, with a total value 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 $35,360. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TLRY. JPMorgan Chase & Co. increased its position in shares of Tilray by 32.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 432,031 shares of the company’s stock valued at $760,000 after purchasing an additional 105,803 shares during the last quarter. Synovus Financial Corp grew its position in Tilray by 176.7% during the third quarter. Synovus Financial Corp now owns 36,092 shares of the company’s stock valued at $64,000 after buying an additional 23,046 shares during the period. Barclays PLC increased its holdings in Tilray by 600.4% during the third quarter. Barclays PLC now owns 204,144 shares of the company’s stock worth $359,000 after buying an additional 174,997 shares during the last quarter. Toronto Dominion Bank raised its position in Tilray by 454.5% in the third quarter. Toronto Dominion Bank now owns 128,923 shares of the company’s stock worth $227,000 after acquiring an additional 105,671 shares during the period. Finally, XTX Topco Ltd boosted its stake in Tilray by 1,079.7% in the third quarter. XTX Topco Ltd now owns 281,504 shares of the company’s stock valued at $495,000 after acquiring an additional 257,641 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Stock Down 10.2 %

The stock’s 50-day moving average price is $1.36 and its two-hundred 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 stock has a market capitalization of $1.11 billion, a P/E ratio of -4.56 and a beta of 2.08.

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.