Tilray (NASDAQ:TLRY) Trading 15.5% Higher - Here's What Happened

Tilray Inc (NASDAQ:TLRY - Get Free Report) rose 15.5% on Wednesday . The company traded as high as $1.20 and last traded at $1.16. Approximately 54,470,884 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 43,898,328 shares. The stock had previously closed at $1.00.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TLRY shares. Canaccord Genuity Group lifted their price target on Tilray from $2.00 to $3.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Roth Mkm decreased their target price on Tilray from $2.00 to $1.75 and set a "neutral" rating for the company in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $2.70.

Tilray Price 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 business's fifty day moving average is $1.24 and its 200 day moving average is $1.53. The company has a market cap of $937.66 million, a P/E ratio of -3.33 and a beta of 2.07.

Tilray (NASDAQ:TLRY - Get Free Report) last issued 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). The firm had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The business's revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

Insider Activity at Tilray

In other news, CFO Carl A. Merton purchased 26,000 shares of the business's stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $1.36 per share, with a total value of $35,360.00. Following the acquisition, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $35,360. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tilray

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its position in shares of Tilray by 22.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company's stock valued at $70,000 after acquiring an additional 7,339 shares during the last quarter. Bank of Montreal Can lifted its position in Tilray by 0.3% during the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company's stock valued at $3,787,000 after purchasing an additional 7,406 shares during the last quarter. Newman Dignan & Sheerar Inc. grew its stake in Tilray by 61.9% in 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 in the last quarter. Pallas Capital Advisors LLC increased its holdings in shares of Tilray by 58.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company's stock worth $52,000 after buying an additional 11,632 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new stake in shares of Tilray during the 3rd quarter valued at $26,000. Hedge funds and other institutional investors own 9.35% of the company's stock.

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.