Tilray (NASDAQ:TLRY) Trading Down 4.1%

Tilray Inc (NASDAQ:TLRY)’s share price dropped 4.1% on Thursday . The company traded as low as $1.75 and last traded at $1.77. Approximately 6,649,915 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 28,947,635 shares. The stock had previously closed at $1.84.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group dropped their price target 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. CIBC reduced their price objective on shares of Tilray from $2.25 to $2.00 and set a “neutral” rating on the stock in a report on Wednesday, April 10th. Finally, Alliance Global Partners raised their target price on Tilray from $2.25 to $2.75 and gave the company a “neutral” rating in a report on Friday, April 5th.

Tilray Stock Down 4.9 %

The firm’s 50-day simple moving average is $1.95 and its two-hundred day simple moving average is $1.95. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.92 and a quick ratio of 1.18. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -4.01 and a beta of 2.36.

Institutional Investors Weigh In On Tilray

Several hedge funds have recently made changes to their positions in TLRY. Clear Street Markets LLC purchased a new position in Tilray in the third quarter valued at approximately $25,000. Lake Street Financial LLC bought a new stake in shares of Tilray in the 3rd quarter worth approximately $28,000. Gainplan LLC acquired a new stake in shares of Tilray in the fourth quarter valued at approximately $28,000. Simplicity Wealth LLC acquired a new stake in Tilray in the first quarter worth about $28,000. Finally, RPO LLC bought a new position in Tilray during the 4th quarter valued at $28,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.