Tilray (NASDAQ:TLRY) Trading 3.5% Higher – Time to Buy?

Tilray Inc (NASDAQ:TLRY)’s share price rose 3.5% during trading on Friday . The company traded as high as $0.67 and last traded at $0.67. Approximately 8,804,674 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 31,240,242 shares. The stock had previously closed at $0.65.

Wall Street Analysts Forecast Growth

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 report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.70.

Tilray Stock Up 2.1 %

The company has a 50-day moving average price of $0.92 and a 200 day moving average price of $1.31. The firm has a market capitalization of $620.73 million, a PE ratio of -2.21 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

Tilray (NASDAQ:TLRY) last posted its earnings results on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $216.34 million. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray

Hedge funds and other institutional investors have recently modified their holdings of the business. Lido Advisors LLC purchased a new stake in shares of Tilray in the fourth quarter worth approximately $28,000. Verdence Capital Advisors LLC purchased a new stake in shares of Tilray in the fourth quarter worth approximately $29,000. Dudley Capital Management LLC purchased a new stake in shares of Tilray in the fourth quarter worth approximately $29,000. Ameritas Advisory Services LLC purchased a new stake in shares of Tilray in the fourth quarter worth approximately $32,000. Finally, Newman Dignan & Sheerar Inc. raised its position in Tilray by 61.9% during the 4th 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 in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.