Tilray (NASDAQ:TLRY) Shares Down 0.3%

Tilray Inc (NASDAQ:TLRY)’s share price dropped 0.3% during mid-day trading on Friday . The company traded as low as $1.70 and last traded at $1.72. Approximately 6,436,236 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 29,319,219 shares. The stock had previously closed at $1.72.

Wall Street Analyst Weigh In

TLRY has been the topic of several research reports. Canaccord Genuity Group reduced their price target on shares of Tilray from $4.25 to $4.00 and set a “buy” rating on the stock in a research report on Wednesday, April 10th. CIBC decreased their price target 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, Alliance Global Partners raised their price target on shares of Tilray from $2.25 to $2.75 and gave the company a “neutral” rating in a report on Friday, April 5th.

Tilray Stock Performance

The stock’s 50 day moving average is $1.96 and its two-hundred day moving average is $1.96. The firm has a market capitalization of $1.29 billion, a P/E ratio of -3.90 and a beta of 2.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.92 and a quick ratio of 1.18.

Institutional Investors Weigh In On Tilray

A number of institutional investors have recently made changes to their positions in the stock. HighPoint Advisor Group LLC bought a new position in Tilray during the fourth quarter worth about $43,000. Vanguard Group Inc. boosted its stake in Tilray by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 3,407,269 shares of the company’s stock worth $7,837,000 after acquiring an additional 231,381 shares during the last quarter. Austin Wealth Management LLC acquired a new position in Tilray during the fourth quarter valued at approximately $115,000. Wellington Wealth Strategies LLC. bought a new stake in Tilray in the fourth quarter valued at approximately $29,000. Finally, Point72 Asset Management L.P. raised its holdings in Tilray by 35.6% in the fourth quarter. Point72 Asset Management L.P. now owns 2,362,271 shares of the company’s stock worth $5,433,000 after purchasing an additional 620,700 shares during the period. 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.