Tilray (NASDAQ:TLRY) Trading Down 2.4%

Shares of Tilray Inc (NASDAQ:TLRY) fell 2.4% during trading on Wednesday . The stock traded as low as $1.78 and last traded at $1.80. 6,742,499 shares were traded during trading, a decline of 77% from the average session volume of 29,092,012 shares. The stock had previously closed at $1.84.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. 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. Alliance Global Partners increased their price objective on shares of Tilray from $2.25 to $2.75 and gave the stock a “neutral” rating in a research note on Friday, April 5th. 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 Price Performance

The firm’s 50 day simple moving average is $1.95 and its 200 day simple moving average is $1.95. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -4.08 and a beta of 2.36. The company has a quick ratio of 1.18, a current ratio of 1.92 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Simplicity Wealth LLC bought a new position in shares of Tilray in the first quarter valued at approximately $28,000. McAdam LLC boosted its holdings in shares of Tilray by 66.1% in the first quarter. McAdam LLC now owns 48,261 shares of the company’s stock valued at $119,000 after acquiring an additional 19,207 shares in the last quarter. PFG Investments LLC bought a new position in shares of Tilray in the first quarter valued at approximately $319,000. Madrona Financial Services LLC bought a new position in shares of Tilray in the first quarter valued at approximately $124,000. Finally, HighPoint Advisor Group LLC bought a new position in shares of Tilray in the fourth quarter valued at approximately $43,000. 9.35% of the stock is currently owned by institutional investors.

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.