Tilray (NASDAQ:TLRY) Trading Up 3.9% - What's Next?

Tilray Inc (NASDAQ:TLRY - Get Free Report) shares rose 3.9% during mid-day trading on Friday . The stock traded as high as $0.61 and last traded at $0.61. Approximately 12,153,289 shares were traded during trading, a decline of 73% from the average daily volume of 44,987,328 shares. The stock had previously closed at $0.59.

Analysts Set New Price Targets

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

Tilray Stock Performance

The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average price of $0.98 and a 200 day moving average price of $1.33. The firm has a market cap of $592.60 million, a PE ratio of -2.09 and a beta of 2.13.

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

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Institutional Trading of Tilray

Several institutional investors and hedge funds have recently bought and sold shares of TLRY. Apollon Wealth Management LLC purchased a new stake in Tilray in the 3rd quarter valued at about $63,000. CIBC Asset Management Inc raised its holdings in Tilray by 4.2% in the 3rd quarter. CIBC Asset Management Inc now owns 908,098 shares of the company's stock valued at $1,599,000 after buying an additional 36,799 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Tilray by 2.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company's stock valued at $2,617,000 after buying an additional 37,300 shares during the period. Estate Counselors LLC raised its holdings in Tilray by 40.0% in the 3rd quarter. Estate Counselors LLC now owns 70,000 shares of the company's stock valued at $123,000 after buying an additional 20,000 shares during the period. Finally, Bank of Montreal Can increased its stake in Tilray by 0.3% during the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company's stock worth $3,787,000 after purchasing an additional 7,406 shares during the period. 9.35% of the stock is currently 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.