Tilray (NASDAQ:TLRY) Shares Gap Down Following Weak Earnings

Posted by Defense World Staff on Apr 13th, 2023

Tilray Inc (NASDAQ:TLRY – Get Rating)’s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $2.74, but opened at $2.58. Tilray shares last traded at $2.47, with a volume of 6,000,997 shares trading hands.

The company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($1.84). Tilray had a negative return on equity of 5.10% and a negative net margin of 89.96%. The company had revenue of $145.59 million for the quarter, compared to analyst estimates of $150.13 million. During the same period last year, the firm earned $0.04 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Alliance Global Partners decreased their price objective on shares of Tilray from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Monday, January 9th. Atb Cap Markets reissued a “sector perform” rating on shares of Tilray in a report on Thursday, February 9th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.72.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TLRY. Marshall Wace LLP bought a new position in Tilray in the fourth quarter valued at approximately $6,586,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Tilray by 93.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,380,893 shares of the company’s stock worth $6,405,000 after purchasing an additional 1,151,898 shares during the period. Prentice Capital Management LP acquired a new position in Tilray during the third quarter worth approximately $2,908,000. Thrivent Financial for Lutherans bought a new position in shares of Tilray in the second quarter valued at about $2,212,000. Finally, Bank of America Corp DE raised its holdings in Tilray by 159.3% in the 4th quarter. Bank of America Corp DE now owns 215,896 shares of the company’s stock valued at $581,000 after acquiring an additional 579,754 shares during the period. 11.59% of the stock is currently owned by institutional investors.

Tilray Trading Down 2.6 %

The business has a fifty day moving average price of $2.72 and a 200-day moving average price of $3.13. The company has a market cap of $1.51 billion, a P/E ratio of -2.34 and a beta of 2.67. The company has a quick ratio of 1.35, a current ratio of 1.91 and a debt-to-equity ratio of 0.09.

Tilray Company Profile

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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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