Tilray (NASDAQ:TLRY) Trading 0.8% Higher – Here’s Why

Tilray Inc (NASDAQ:TLRY) shot up 0.8% on Thursday . The company traded as high as $1.21 and last traded at $1.19. 20,010,381 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 42,300,535 shares. The stock had previously closed at $1.18.

Analysts Set New Price Targets

TLRY has been the topic of several research reports. Canaccord Genuity Group raised their price objective on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday. Roth Mkm reduced their price objective on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Price Performance

The firm has a 50-day moving average of $1.33 and a 200-day moving average of $1.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.57 and a current ratio of 2.47. The firm has a market capitalization of $1.08 billion, a P/E ratio of -3.98 and a beta of 2.08.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The business had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, analysts predict that Tilray Inc will post -0.14 EPS for the current year.

Insider Activity

In other news, CFO Carl A. Merton purchased 26,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the purchase, the chief financial officer now directly owns 26,000 shares in the company, valued at $35,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

Institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System boosted its stake in shares of Tilray by 4.4% during the 2nd quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock worth $360,000 after acquiring an additional 9,171 shares during the last quarter. J.W. Cole Advisors Inc. raised its holdings in Tilray by 1,077.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 171,054 shares of the company’s stock worth $284,000 after purchasing an additional 156,524 shares during the period. WINTON GROUP Ltd purchased a new position in Tilray during the second quarter valued at $83,000. Marathon Trading Investment Management LLC grew its holdings in Tilray by 52.4% during the second quarter. Marathon Trading Investment Management LLC now owns 76,501 shares of the company’s stock valued at $127,000 after purchasing an additional 26,301 shares during the period. Finally, Bank of Montreal Can increased its position in Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after buying an additional 355,778 shares in the last quarter. Hedge funds and other institutional investors 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 Canada.