Tilray (NASDAQ:TLRY) Shares Down 4.9%

Tilray Inc (NASDAQ:TLRY) shares were down 4.9% during mid-day trading on Wednesday . The stock traded as low as $1.73 and last traded at $1.74. Approximately 11,608,717 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 29,185,414 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TLRY shares. Alliance Global Partners boosted their price objective on shares of Tilray from $2.25 to $2.75 and gave the company a “neutral” rating in a research note on Friday, April 5th. CIBC dropped 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, April 10th. Finally, Canaccord Genuity Group dropped their price objective on shares of Tilray from $4.25 to $4.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th.

Tilray Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.18 and a current ratio of 1.92. The stock’s 50 day moving average price is $1.96 and its two-hundred day moving average price is $1.96.

Hedge Funds Weigh In On Tilray

Institutional investors and hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. grew its stake in shares of Tilray by 188.8% during the 2nd quarter. Macquarie Group Ltd. now owns 8,540 shares of the company’s stock worth $27,000 after purchasing an additional 5,583 shares during the period. Cetera Advisor Networks LLC acquired a new position in shares of Tilray during the 1st quarter worth $82,000. Clear Street Markets LLC acquired a new position in shares of Tilray during the 3rd quarter worth $25,000. Kingsview Wealth Management LLC acquired a new position in shares of Tilray during the 2nd quarter worth $33,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Tilray during the 4th quarter worth $30,000. 9.35% of the stock is owned by institutional investors and hedge funds.

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.