Tilray (NASDAQ:TLRY) Trading 1.2% Higher - Here's What Happened

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s share price shot up 1.2% during trading on Thursday . The company traded as high as $0.82 and last traded at $0.81. 7,584,108 shares were traded during mid-day trading, a decline of 84% from the average session volume of 46,135,766 shares. The stock had previously closed at $0.80.

Analyst Ratings Changes

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

Tilray Stock Down 3.3 %

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 stock has a 50 day simple moving average of $1.13 and a 200 day simple moving average of $1.42. The firm has a market capitalization of $689.18 million, a PE ratio of -2.45 and a beta of 2.07.

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

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Hedge Funds Weigh In On Tilray

Hedge funds have recently made changes to their positions in the business. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Tilray during the third quarter valued at approximately $26,000. Lido Advisors LLC purchased a new position in shares of Tilray during the fourth quarter valued at approximately $28,000. Dudley Capital Management LLC purchased a new stake in Tilray in the fourth quarter worth $29,000. Verdence Capital Advisors LLC purchased a new stake in Tilray in the fourth quarter worth $29,000. Finally, International Assets Investment Management LLC grew its stake in Tilray by 335.3% in the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company's stock worth $42,000 after purchasing an additional 18,208 shares during the period. 9.35% of the stock is 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.