Tilray (NASDAQ:TLRY) Sees Strong Trading Volume – Time to Buy?

Shares of Tilray Inc (NASDAQ:TLRY) saw unusually-high trading volume on Wednesday . Approximately 52,063,017 shares were traded during trading, an increase of 20% from the previous session’s volume of 43,394,531 shares.The stock last traded at $1.17 and had previously closed at $1.00.

Analysts Set New Price Targets

TLRY has been the subject of several research reports. Canaccord Genuity Group increased their price objective on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a report on Monday, January 13th. Roth Mkm lowered their price target on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Tilray currently has an average rating of “Hold” and an average target price of $2.70.

Tilray Trading Down 5.7 %

The company has a market capitalization of $937.66 million, a PE ratio of -3.33 and a beta of 2.07. The company’s fifty day moving average is $1.24 and its 200-day moving average is $1.53. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The business had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. Tilray’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts anticipate that Tilray Inc will post -0.2 EPS for the current fiscal year.

Insider Transactions at Tilray

In related news, CFO Carl A. Merton acquired 26,000 shares of the stock in a transaction dated 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 completion of the purchase, the chief financial officer now owns 26,000 shares of the company’s stock, valued at approximately $35,360. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. The Manufacturers Life Insurance Company lifted its position in Tilray by 11.5% during the second quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after purchasing an additional 70,605 shares during the period. Algert Global LLC acquired a new position in Tilray during the second quarter valued at $130,000. Sanctuary Advisors LLC acquired a new position in Tilray during the second quarter valued at $65,000. Creative Planning lifted its position in Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after purchasing an additional 38,054 shares during the period. Finally, Stratos Wealth Advisors LLC lifted its position in Tilray by 253.5% during the third quarter. Stratos Wealth Advisors LLC now owns 39,074 shares of the company’s stock valued at $69,000 after purchasing an additional 28,022 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

Tilray Company Profile

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.