Tilray (NASDAQ:TLRY) Trading Down 6.9% on Analyst Downgrade

Tilray Inc (NASDAQ:TLRY)’s stock price dropped 6.9% on Thursday after Canaccord Genuity Group lowered their price target on the stock from $4.25 to $4.00. Canaccord Genuity Group currently has a buy rating on the stock. Tilray traded as low as $1.88 and last traded at $1.88. Approximately 19,786,891 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 28,873,145 shares. The stock had previously closed at $2.02.

Other equities analysts have also recently issued research reports about the stock. CIBC lowered their price objective on shares of Tilray from $2.25 to $2.00 and set a “neutral” rating on the stock in a research note on Wednesday. Alliance Global Partners increased their target price on shares of Tilray from $2.25 to $2.75 and gave the stock a “neutral” rating in a report on Friday, April 5th.

Institutional Investors Weigh In On Tilray

A number of institutional investors have recently added to or reduced their stakes in TLRY. Hudson Bay Capital Management LP grew its holdings in Tilray by 29.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 16,181,157 shares of the company’s stock valued at $38,673,000 after buying an additional 3,681,157 shares in the last quarter. Marshall Wace LLP purchased a new stake in Tilray during the 4th quarter valued at approximately $6,586,000. Gotham Asset Management LLC grew its holdings in Tilray by 1,038.7% during the 3rd quarter. Gotham Asset Management LLC now owns 1,168,774 shares of the company’s stock valued at $2,793,000 after buying an additional 1,066,137 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tilray during the 3rd quarter valued at approximately $2,023,000. Finally, Thrivent Financial for Lutherans purchased a new stake in Tilray during the 2nd quarter valued at approximately $2,212,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.99 and a current ratio of 1.92. The business’s fifty day simple moving average is $1.97 and its 200-day simple moving average is $1.98. The firm has a market capitalization of $1.35 billion, a PE ratio of -4.14 and a beta of 2.36.

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 Nanaimo, Canada.