Tilray (NASDAQ:TLRY) Trading 2.3% Higher – What’s Next?

Tilray Inc (NASDAQ:TLRY)’s share price shot up 2.3% during mid-day trading on Thursday . The company traded as high as $1.13 and last traded at $1.10. 23,890,441 shares traded hands during trading, a decline of 48% from the average session volume of 45,624,891 shares. The stock had previously closed at $1.07.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TLRY shares. Canaccord Genuity Group upped their price target on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Roth Mkm reduced 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. 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, Tilray presently has a consensus rating of “Hold” and a consensus target price of $2.70.

Tilray Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The stock has a market cap of $989.23 million, a price-to-earnings ratio of -3.52 and a beta of 2.07. The company’s 50 day moving average is $1.25 and its 200 day moving average is $1.54.

Tilray (NASDAQ:TLRY) last released 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). The firm 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%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. Research analysts forecast that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

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, with a total value of $35,360.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray

A number of large investors have recently bought and sold shares of TLRY. Ferguson Wellman Capital Management Inc. purchased a new position in Tilray in the third quarter valued at approximately $26,000. Ameritas Advisory Services LLC acquired a new stake in shares of Tilray in the fourth quarter worth $32,000. Newman Dignan & Sheerar Inc. raised its stake in shares of Tilray by 61.9% in the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after acquiring an additional 10,000 shares during the period. International Assets Investment Management LLC increased its holdings in Tilray by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after purchasing an additional 18,208 shares in the last quarter. Finally, Vista Capital Partners Inc. purchased a new stake in shares of Tilray in the third quarter worth about $42,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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.