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

Shares of Tilray Inc (NASDAQ:TLRY) dropped 4.1% during mid-day trading on Monday following a weaker than expected earnings announcement. The stock traded as low as $1.16 and last traded at $1.18. Approximately 10,678,350 shares changed hands during 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The firm had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The firm’s revenue was up 8.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

TLRY has been the topic of several recent analyst reports. Roth Mkm decreased their price target on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Canaccord Genuity Group lifted their target price on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.70.

Insider Transactions at Tilray

In other news, CFO Carl A. Merton purchased 26,000 shares of Tilray stock in a transaction dated Friday, November 15th. The shares were bought at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the acquisition, the chief financial officer now owns 26,000 shares in the company, valued at approximately $35,360. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its position in Tilray by 22.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock valued at $70,000 after acquiring an additional 7,339 shares during the period. Bank of Montreal Can increased its holdings in Tilray by 0.3% in the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock valued at $3,787,000 after purchasing an additional 7,406 shares during the period. Arizona State Retirement System raised its position in Tilray by 4.4% during the 2nd quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock worth $360,000 after purchasing an additional 9,171 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in Tilray by 58.1% during the 3rd quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock worth $52,000 after buying an additional 11,632 shares during the period. Finally, Ferguson Wellman Capital Management Inc. acquired a new position in Tilray during the 3rd quarter worth about $26,000. Institutional investors own 9.35% of the company’s stock.

Tilray Price Performance

The stock has a market cap of $1.07 billion, a P/E ratio of -4.37 and a beta of 2.08. The business has a 50-day simple moving average of $1.34 and a 200 day simple moving average of $1.61. The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08.

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.