Tilray (NASDAQ:TLRY) Shares Up 1.4% – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) traded up 1.4% during trading on Tuesday . The company traded as high as $0.67 and last traded at $0.67. 4,487,662 shares were traded during trading, a decline of 85% from the average session volume of 30,362,248 shares. The stock had previously closed at $0.66.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group increased their price target on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The firm’s fifty day moving average is $0.84 and its 200-day moving average is $1.25. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $607.60 million, a PE ratio of -2.16 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released 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). The company had revenue of $210.90 million during 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% on a year-over-year basis. As a group, research analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can boosted its holdings in Tilray by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock valued at $3,787,000 after acquiring an additional 7,406 shares during the period. Newman Dignan & Sheerar Inc. boosted its stake in shares of Tilray by 61.9% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after purchasing an additional 10,000 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Tilray by 55.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,875 shares of the company’s stock valued at $42,000 after purchasing an additional 11,325 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Tilray by 92.1% in the fourth quarter. NewEdge Advisors LLC now owns 27,406 shares of the company’s stock valued at $36,000 after purchasing an additional 13,136 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in Tilray by 59.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 37,009 shares of the company’s stock worth $49,000 after buying an additional 13,786 shares during the period. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.