Tilray (NASDAQ:TLRY) Trading 0.1% Higher - Time to Buy?

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s share price was up 0.1% during mid-day trading on Thursday . The company traded as high as $0.66 and last traded at $0.64. Approximately 7,316,436 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 31,308,224 shares. The stock had previously closed at $0.64.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lifted their price objective on shares of 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $2.70.

Tilray Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The stock has a market capitalization of $609.48 million, a P/E ratio of -2.17 and a beta of 2.13. The company's 50-day simple moving average is $0.91 and its 200-day simple moving average is $1.30.

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 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 analyst estimates of $216.34 million. The company's quarterly revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

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Institutional Investors Weigh In On Tilray

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Lido Advisors LLC bought a new position in shares of Tilray in the fourth quarter worth $28,000. Dudley Capital Management LLC bought a new position in shares of Tilray in the 4th quarter valued at $29,000. Verdence Capital Advisors LLC acquired a new stake in shares of Tilray during the fourth quarter valued at about $29,000. Ameritas Advisory Services LLC bought a new position in Tilray in the 4th quarter valued at approximately $32,000. Finally, Newman Dignan & Sheerar Inc. boosted 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 buying an additional 10,000 shares during the period. Institutional investors and hedge funds own 9.35% of the company's stock.

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.