Tilray (NASDAQ:TLRY) Shares Gap Up – Here’s Why

Shares of Tilray Inc (NASDAQ:TLRY) gapped up before the market opened on Tuesday . The stock had previously closed at $0.64, but opened at $0.66. Tilray shares last traded at $0.69, with a volume of 8,718,866 shares.

Analyst Ratings Changes

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

Tilray Price Performance

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. The company has a fifty day simple moving average of $0.93 and a two-hundred day simple moving average of $1.31.

Tilray (NASDAQ:TLRY) last posted its earnings results on Friday, January 10th. The company reported ($0.10) earnings per share 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 analyst estimates of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. Tilray’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Tilray

Several institutional investors and hedge funds have recently made changes to their positions in TLRY. BNP Paribas Financial Markets lifted its position in shares of Tilray by 1,314.1% in the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after acquiring an additional 1,690,827 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Tilray by 9.2% in the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after acquiring an additional 889,086 shares in the last quarter. Quinn Opportunity Partners LLC lifted its position in shares of Tilray by 108.0% in the fourth quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company’s stock valued at $2,152,000 after acquiring an additional 840,000 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Tilray in the fourth quarter valued at $1,029,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Tilray by 54.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after acquiring an additional 769,569 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.