Tilray (NASDAQ:TLRY) Shares Gap Up - Here's Why

Shares of Tilray Inc (NASDAQ:TLRY - Get Free Report) gapped up prior to trading 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 changing hands.

Analyst Ratings Changes

Separately, Canaccord Genuity Group increased 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 analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Tilray currently has an average rating of "Hold" and an average target price of $2.70.

Tilray Stock Up 0.2 %

The firm's fifty day simple moving average is $0.92 and its two-hundred day simple moving average is $1.31. The company has a market capitalization of $609.48 million, a price-to-earnings ratio of -2.17 and a beta of 2.13. 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 - Get Free Report) last issued 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 return on equity of 4.40% and a negative net margin of 30.95%. The business had revenue of $210.90 million during the quarter, compared to analysts' expectations of $216.34 million. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

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Institutional Trading of Tilray

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC increased its position in shares of Tilray by 9.2% during 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 during the last quarter. Bank of Montreal Can boosted its position in shares of Tilray by 14.4% during the 4th quarter. Bank of Montreal Can now owns 2,488,982 shares of the company's stock worth $3,310,000 after purchasing an additional 312,476 shares during the period. Geode Capital Management LLC increased its holdings in Tilray by 20.1% in the 4th quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company's stock valued at $3,200,000 after purchasing an additional 403,371 shares during the last quarter. Dimensional Fund Advisors LP raised its position in 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 purchasing an additional 769,569 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tilray by 17.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company's stock worth $2,613,000 after purchasing an additional 286,481 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.