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

Tilray Inc (NASDAQ:TLRY) saw an uptick in trading volume on Wednesday . 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TLRY. Roth Mkm cut their target price on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday, October 11th. Canaccord Genuity Group boosted their target price on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Stock Down 5.7 %

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 company has a market capitalization of $937.66 million, a price-to-earnings ratio of -3.33 and a beta of 2.07. The firm’s fifty day simple moving average is $1.24 and its two-hundred day simple moving average is $1.53.

Tilray (NASDAQ:TLRY) last posted its earnings results 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 analyst estimates of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

Insider Buying and Selling at Tilray

In related news, CFO Carl A. Merton acquired 26,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now owns 26,000 shares in the company, valued at $35,360. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed 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

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its holdings in shares of Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after acquiring an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Tilray during the 3rd quarter worth approximately $1,348,000. Creative Planning increased its stake 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 during the period. The Manufacturers Life Insurance Company increased its stake in Tilray by 11.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock worth $1,131,000 after buying an additional 70,605 shares during the period. Finally, Barclays PLC increased its stake in Tilray by 600.4% during the 3rd quarter. Barclays PLC now owns 204,144 shares of the company’s stock worth $359,000 after buying an additional 174,997 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.