Tilray (NASDAQ:TLRY) Sees Strong Trading Volume – Still a Buy?

Shares of Tilray Inc (NASDAQ:TLRY) saw strong trading volume on Tuesday . 33,914,189 shares changed hands during mid-day trading, an increase of 30% from the previous session’s volume of 26,154,572 shares.The stock last traded at $1.40 and had previously closed at $1.43.

Analyst Ratings Changes

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

Tilray Price Performance

The stock has a 50 day simple moving average of $1.44 and a 200-day simple moving average of $1.65. The firm has a market cap of $1.27 billion, a PE ratio of -5.22 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 issued its earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $218.70 million. During the same quarter last year, the company earned ($0.10) EPS. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. Equities analysts anticipate that Tilray Inc will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Tilray

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

Institutional Trading of Tilray

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its position in Tilray by 1,314.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after buying an additional 1,690,827 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Tilray in the third quarter valued at approximately $1,348,000. Bank of Montreal Can boosted its holdings in shares of Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock valued at $3,622,000 after purchasing an additional 355,778 shares during the period. Creative Planning grew its stake in Tilray by 36.6% in the third quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after purchasing an additional 38,054 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Tilray by 11.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock worth $1,131,000 after purchasing an additional 70,605 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.