Tilray (NASDAQ:TLRY) Trading Up 1.2% – Time to Buy?

Tilray Inc (NASDAQ:TLRY) rose 1.2% during trading on Thursday . The company traded as high as $0.82 and last traded at $0.81. Approximately 7,584,108 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 46,135,766 shares. The stock had previously closed at $0.80.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lifted their price objective on 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The stock has a market capitalization of $712.62 million, a price-to-earnings ratio of -2.53 and a beta of 2.07. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The company has a 50 day simple moving average of $1.15 and a 200-day simple moving average of $1.44.

Tilray (NASDAQ:TLRY) last issued its earnings results 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). Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The company had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. Tilray’s revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Tilray during the third quarter worth approximately $26,000. Lido Advisors LLC bought a new stake in Tilray during the 4th quarter valued at $28,000. Dudley Capital Management LLC acquired a new position in Tilray during the fourth quarter worth $29,000. Verdence Capital Advisors LLC bought a new position in shares of Tilray in the fourth quarter valued at $29,000. Finally, International Assets Investment Management LLC grew its holdings in shares of Tilray by 335.3% during the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after buying an additional 18,208 shares during the last quarter. 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.