Tilray (NASDAQ:TLRY) Trading 8% Higher – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s share price shot up 8% during trading on Thursday . The company traded as high as $1.45 and last traded at $1.44. 17,417,165 shares were traded during trading, a decline of 34% from the average session volume of 26,444,244 shares. The stock had previously closed at $1.33.

Analyst Ratings Changes

Separately, Roth Mkm dropped their target price on Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research report on Friday, October 11th.

Tilray Price Performance

The firm has a 50-day simple moving average of $1.40 and a two-hundred day simple moving average of $1.63. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -5.52 and a beta of 2.09. The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The company had revenue of $200.00 million during the quarter, compared to analysts’ expectations of $218.70 million. During the same period last year, the business earned ($0.10) earnings per share. Tilray’s quarterly revenue was up 13.0% on a year-over-year basis. As a group, analysts predict that Tilray Inc will post -0.14 earnings per share for the current fiscal year.

Insider Activity at Tilray

In other Tilray news, CFO Carl A. Merton purchased 26,000 shares of the stock in a transaction on Friday, November 15th. The shares were bought at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the transaction, the chief financial officer now owns 26,000 shares of the company’s stock, valued at $35,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TLRY. CIBC Asset Management Inc raised its position in shares of Tilray by 13.3% during the 2nd quarter. CIBC Asset Management Inc now owns 871,299 shares of the company’s stock worth $1,445,000 after purchasing an additional 102,316 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Tilray by 8.1% during the second quarter. TD Asset Management Inc now owns 1,373,045 shares of the company’s stock valued at $2,278,000 after acquiring an additional 103,207 shares during the last quarter. CapWealth Advisors LLC lifted its position in shares of Tilray by 21.1% in the second quarter. CapWealth Advisors LLC now owns 108,960 shares of the company’s stock valued at $181,000 after acquiring an additional 18,960 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Tilray by 4.4% in the second quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock worth $360,000 after acquiring an additional 9,171 shares during the last quarter. Finally, Jeppson Wealth Management LLC purchased a new stake in shares of Tilray during the second quarter worth approximately $33,000. 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.