Tilray (NASDAQ:TLRY) Stock Price Down 10.5% Following Analyst Downgrade

Tilray Inc (NASDAQ:TLRY)’s share price fell 10.5% during trading on Thursday after Benchmark lowered their price target on the stock from $200.00 to $80.00. Benchmark currently has a buy rating on the stock. Tilray traded as low as $38.59 and last traded at $34.93, 122,282 shares changed hands during mid-day trading. A decline of 86% from the average session volume of 862,142 shares. The stock had previously closed at $39.04.

A number of other research firms have also issued reports on TLRY. Stifel Nicolaus restated a “hold” rating on shares of Tilray in a report on Wednesday. Zacks Investment Research upgraded shares of Tilray from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Tuesday. LADENBURG THALM/SH SH started coverage on shares of Tilray in a report on Wednesday, July 17th. They issued a “neutral” rating on the stock. Jefferies Financial Group upgraded shares of Tilray from an “underperform” rating to a “hold” rating and reduced their target price for the company from $61.00 to $57.00 in a report on Friday, May 3rd. Finally, Northland Securities restated a “hold” rating on shares of Tilray in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Tilray presently has an average rating of “Hold” and an average target price of $67.24.

In related news, Director Christine St.Clare sold 4,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $50.01, for a total transaction of $200,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of TLRY. ETF Managers Group LLC acquired a new stake in Tilray during the 2nd quarter worth approximately $92,004,000. Zevenbergen Capital Investments LLC grew its position in Tilray by 37.1% in the first quarter. Zevenbergen Capital Investments LLC now owns 730,280 shares of the company’s stock valued at $47,848,000 after acquiring an additional 197,540 shares in the last quarter. Think Investments LP acquired a new stake in Tilray in the second quarter valued at approximately $7,031,000. Morgan Stanley grew its position in Tilray by 44.2% in the second quarter. Morgan Stanley now owns 330,527 shares of the company’s stock valued at $15,390,000 after acquiring an additional 101,375 shares in the last quarter. Finally, Vanguard Group Inc. acquired a new stake in Tilray in the second quarter valued at approximately $3,484,000. 2.28% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.06 and a current ratio of 2.35. The stock’s 50-day moving average is $44.04. The stock has a market capitalization of $4.13 billion and a P/E ratio of -42.80.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.09). Tilray had a negative net margin of 159.09% and a negative return on equity of 43.71%. The firm had revenue of $45.90 million during the quarter, compared to analyst estimates of $40.25 million. During the same period last year, the business earned ($0.17) EPS. The firm’s revenue was up 373.2% compared to the same quarter last year. Sell-side analysts predict that Tilray Inc will post -0.92 EPS for the current fiscal year.

About Tilray (NASDAQ:TLRY)

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 Nanaimo, Canada.

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