Tilray (NASDAQ:TLRY) Shares Up 3.2% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY) shares shot up 3.2% during mid-day trading on Monday . The stock traded as high as $0.68 and last traded at $0.67. 9,971,595 shares were traded during mid-day trading, a decline of 77% from the average session volume of 44,183,152 shares. The stock had previously closed at $0.65.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group increased their price target on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.70.

Tilray Stock Performance

The company has a market cap of $639.11 million, a P/E ratio of -2.27 and a beta of 2.13. The business has a 50 day moving average price of $0.89 and a two-hundred day moving average price of $1.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $216.34 million. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lido Advisors LLC bought a new stake in Tilray during the 4th quarter valued at approximately $28,000. Dudley Capital Management LLC bought a new stake in shares of Tilray during the fourth quarter valued at approximately $29,000. Verdence Capital Advisors LLC bought a new stake in shares of Tilray during the fourth quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new stake in Tilray in the fourth quarter worth $32,000. Finally, Newman Dignan & Sheerar Inc. lifted its position in Tilray by 61.9% during the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after buying an additional 10,000 shares during the period. 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.