Tilray (NASDAQ:TLRY) Trading Up 5.2% – Here’s Why

Tilray Inc (NASDAQ:TLRY) was up 5.2% during trading on Tuesday . The stock traded as high as $0.69 and last traded at $0.68. Approximately 20,055,536 shares traded hands during trading, a decline of 36% from the average daily volume of 31,399,047 shares. The stock had previously closed at $0.64.

Wall Street Analyst Weigh In

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

Tilray Price Performance

The company has a 50 day moving average price of $0.93 and a 200-day moving average price of $1.31. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The company has a market cap of $602.16 million, a price-to-earnings ratio of -2.14 and a beta of 2.13.

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 the consensus estimate 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 analyst estimates of $216.34 million. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts predict that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TLRY. CIBC Asset Management Inc increased its position in Tilray by 4.2% during the 3rd quarter. CIBC Asset Management Inc now owns 908,098 shares of the company’s stock valued at $1,599,000 after purchasing an additional 36,799 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Tilray by 2.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company’s stock valued at $2,617,000 after purchasing an additional 37,300 shares during the period. Estate Counselors LLC increased its position in Tilray by 40.0% during the 3rd quarter. Estate Counselors LLC now owns 70,000 shares of the company’s stock valued at $123,000 after purchasing an additional 20,000 shares during the period. Bank of Montreal Can increased its position in Tilray by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock valued at $3,787,000 after purchasing an additional 7,406 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Tilray by 4.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 715,672 shares of the company’s stock valued at $1,260,000 after purchasing an additional 33,194 shares during the period. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.