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

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $0.65, but opened at $0.68. Tilray shares last traded at $0.66, with a volume of 2,508,106 shares changing hands.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group increased their target price on Tilray from $2.00 to $3.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $2.70.

Tilray Trading Down 0.1 %

The firm has a market capitalization of $639.11 million, a price-to-earnings ratio of -2.27 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54. The business has a fifty day moving average price of $0.90 and a 200 day moving average price of $1.29.

Tilray (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $210.90 million during the quarter, compared to analysts' expectations of $216.34 million. The business's revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Remove Ads

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its position in Tilray by 8.0% during the 4th quarter. California State Teachers Retirement System now owns 778,513 shares of the company's stock worth $1,035,000 after acquiring an additional 57,544 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Tilray by 317.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 166,326 shares of the company's stock worth $221,000 after purchasing an additional 126,507 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Tilray by 53.0% in the fourth quarter. Toronto Dominion Bank now owns 197,207 shares of the company's stock valued at $260,000 after purchasing an additional 68,284 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Tilray by 17.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company's stock valued at $2,613,000 after purchasing an additional 286,481 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in Tilray by 81.7% during the 4th quarter. Two Sigma Advisers LP now owns 164,800 shares of the company's stock worth $219,000 after buying an additional 74,100 shares during the period. 9.35% of the stock is owned by hedge funds and other 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.