Tilray (NASDAQ:TLRY) Trading 3.5% Higher – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s share price shot up 3.5% during trading on Friday . The stock traded as high as $0.67 and last traded at $0.67. 8,804,674 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 31,240,242 shares. The stock had previously closed at $0.65.

Analysts Set New Price Targets

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

Tilray Stock Performance

The stock has a market cap of $609.48 million, a price-to-earnings ratio of -2.17 and a beta of 2.13. The firm has a fifty day simple moving average of $0.91 and a 200 day simple moving average of $1.30. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data 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). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The company had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. The company’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts expect that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray

Several large investors have recently modified their holdings of TLRY. Lido Advisors LLC bought a new stake in Tilray during the 4th quarter worth approximately $28,000. Dudley Capital Management LLC bought a new stake in Tilray during the 4th quarter worth approximately $29,000. Verdence Capital Advisors LLC bought a new stake in Tilray during the 4th quarter worth approximately $29,000. Ameritas Advisory Services LLC bought a new stake in Tilray during the 4th quarter worth approximately $32,000. Finally, Newman Dignan & Sheerar Inc. grew its position in Tilray by 61.9% during the 4th quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock worth $35,000 after acquiring an additional 10,000 shares during the last quarter. 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.