Tilray (NASDAQ:TLRY) Shares Up 4.3% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s stock price was up 4.3% on Thursday . The company traded as high as $1.09 and last traded at $1.09. Approximately 13,767,159 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 41,862,789 shares. The stock had previously closed at $1.04.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Roth Mkm decreased their price objective on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research report on Friday, October 11th. Canaccord Genuity Group upped their target price on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The firm’s 50 day moving average price is $1.28 and its two-hundred day moving average price is $1.56. The firm has a market cap of $1.06 billion, a PE ratio of -3.77 and a beta of 2.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54.

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

Insider Buying and Selling at Tilray

In other news, CFO Carl A. Merton purchased 26,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were bought 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 directly owns 26,000 shares of the company’s stock, valued at approximately $35,360. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tilray

Institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets grew its position in Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after acquiring an additional 1,690,827 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Tilray in the third quarter valued at approximately $1,348,000. Bank of Montreal Can increased its stake in Tilray by 19.6% during the 2nd 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 during the period. Creative Planning lifted its holdings in Tilray by 36.6% during the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after buying an additional 38,054 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Tilray by 11.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after buying an additional 70,605 shares during the period. 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.