Tilray (NASDAQ:TLRY) Trading Down 9.5% Following Analyst Downgrade

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Shares of Tilray Inc (NASDAQ:TLRYGet Rating) dropped 9.5% during mid-day trading on Friday after Roth Capital lowered their price target on the stock from $8.00 to $4.00. Roth Capital currently has a neutral rating on the stock. Tilray traded as low as $3.34 and last traded at $3.34. Approximately 608,413 shares traded hands during trading, a decline of 98% from the average daily volume of 28,602,494 shares. The stock had previously closed at $3.69.

TLRY has been the subject of a number of other research reports. Cantor Fitzgerald restated a “neutral” rating and issued a $5.75 price objective (down previously from $6.15) on shares of Tilray in a research note on Friday, June 24th. Canaccord Genuity Group dropped their target price on shares of Tilray from $9.00 to $7.00 in a report on Wednesday, June 15th. Barclays lowered their price objective on shares of Tilray from $8.50 to $4.50 and set an “underweight” rating on the stock in a report on Wednesday, April 20th. Alliance Global Partners lowered their target price on shares of Tilray from $8.00 to $5.50 and set a “neutral” rating on the stock in a report on Monday, May 2nd. Finally, Piper Sandler reduced their price objective on shares of Tilray from $6.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.34.

Insider Buying and Selling at Tilray

In other news, Director Brendan Kennedy sold 350,000 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $3.09, for a total transaction of $1,081,500.00. Following the transaction, the director now directly owns 7,624,196 shares of the company’s stock, valued at $23,558,765.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.17% of the company’s stock.

Institutional Trading of Tilray

A number of hedge funds have recently bought and sold shares of the business. Arkadios Wealth Advisors acquired a new stake in Tilray in the 2nd quarter valued at approximately $70,000. TL Private Wealth lifted its holdings in shares of Tilray by 24.4% in the second quarter. TL Private Wealth now owns 25,495 shares of the company’s stock valued at $82,000 after purchasing an additional 5,000 shares in the last quarter. Moody National Bank Trust Division purchased a new position in shares of Tilray during the second quarter valued at approximately $47,000. Oliver Lagore Vanvalin Investment Group acquired a new position in Tilray during the first quarter worth approximately $73,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Tilray by 13.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,151,099 shares of the company’s stock worth $8,944,000 after acquiring an additional 138,406 shares in the last quarter. Institutional investors and hedge funds own 13.84% of the company’s stock.

Tilray Stock Down 10.6 %

The firm has a market capitalization of $1.64 billion, a PE ratio of 17.37 and a beta of 2.60. The firm’s 50 day moving average price is $3.84 and its two-hundred day moving average price is $5.36. The company has a quick ratio of 1.50, a current ratio of 2.46 and a debt-to-equity ratio of 0.13.

About Tilray

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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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