Tilray (NASDAQ:TLRY) Trading 9.1% Higher – Should You Buy?

Tilray Inc (NASDAQ:TLRY)’s stock price was up 9.1% during trading on Thursday . The stock traded as high as $0.71 and last traded at $0.72. Approximately 11,904,470 shares changed hands during trading, a decline of 61% from the average daily volume of 30,610,891 shares. The stock had previously closed at $0.66.

Analysts Set New Price Targets

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

Tilray Price Performance

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 firm has a 50 day moving average of $0.85 and a two-hundred day moving average of $1.27. The company has a market cap of $621.38 million, a PE ratio of -2.21 and a beta of 2.13.

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). The firm had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The company’s revenue was up 8.7% compared to the same quarter last year. Research analysts predict that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Tilray

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lido Advisors LLC bought a new stake in shares of Tilray during the 4th quarter valued at $28,000. Dudley Capital Management LLC purchased a new position in Tilray during the fourth quarter valued at approximately $29,000. Verdence Capital Advisors LLC purchased a new stake in shares of Tilray in the fourth quarter worth $29,000. Ameritas Advisory Services LLC bought a new stake in shares of Tilray during the 4th quarter valued at $32,000. Finally, Newman Dignan & Sheerar Inc. lifted its stake in shares of 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 buying an additional 10,000 shares in the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.