Tilray (NASDAQ:TLRY) Trading Up 3.9% – Here’s Why

Tilray Inc (NASDAQ:TLRY) traded up 3.9% on Friday . The stock traded as high as $0.61 and last traded at $0.61. 12,153,289 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 44,987,328 shares. The stock had previously closed at $0.59.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their price target 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 investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock 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 $571.03 million, a PE ratio of -2.03 and a beta of 2.13. 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 stock has a fifty day moving average of $0.99 and a 200-day moving average of $1.35.

Tilray (NASDAQ:TLRY) last issued 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). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The firm had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray

Several large investors have recently bought and sold shares of TLRY. Wealth Enhancement Advisory Services LLC boosted its position in shares of Tilray by 22.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock worth $70,000 after acquiring an additional 7,339 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of Tilray during the 3rd quarter worth about $63,000. Ferguson Wellman Capital Management Inc. purchased a new stake in Tilray during the third quarter worth approximately $26,000. CIBC Asset Management Inc boosted its holdings in Tilray by 4.2% in the third quarter. CIBC Asset Management Inc now owns 908,098 shares of the company’s stock valued at $1,599,000 after purchasing an additional 36,799 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Tilray by 2.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company’s stock valued at $2,617,000 after purchasing an additional 37,300 shares in the last quarter. 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.