Tilray (NASDAQ:TLRY) Trading Up 2.5% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY) shot up 2.5% during trading on Wednesday . The company traded as high as $0.84 and last traded at $0.83. 5,812,288 shares changed hands during trading, a decline of 88% from the average session volume of 46,856,586 shares. The stock had previously closed at $0.81.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lifted their target price on Tilray from $2.00 to $3.00 and gave the stock 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 stock has a consensus rating of “Hold” and a consensus price target of $2.70.

Tilray Price Performance

The firm has a market capitalization of $752.00 million, a price-to-earnings ratio of -2.68 and a beta of 2.07. The business’s fifty day simple moving average is $1.15 and its 200 day simple moving average is $1.44. 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 announced 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 the consensus estimate of $216.34 million. The business’s quarterly revenue was up 8.7% on a year-over-year basis. On average, research analysts forecast that Tilray Inc will post -0.2 EPS for the current year.

Institutional Trading of Tilray

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning boosted its position in shares of Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after buying an additional 38,054 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Tilray by 335.3% during the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after purchasing an additional 18,208 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Tilray by 22.6% in the third 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. Pallas Capital Advisors LLC increased its stake in Tilray by 58.1% during the 3rd quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock valued at $52,000 after purchasing an additional 11,632 shares in the last quarter. Finally, Vestor Capital LLC purchased a new position in shares of Tilray in the third quarter worth about $53,000. 9.35% of the stock is currently owned by 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.