Tilray (NASDAQ:TLRY) Shares Up 2.5% - Here's What Happened

Tilray Inc (NASDAQ:TLRY - Get Free Report) was up 2.5% during mid-day trading on Wednesday . The company traded as high as $0.84 and last traded at $0.83. Approximately 5,812,288 shares traded hands during trading, a decline of 88% from the average daily volume of 46,856,586 shares. The stock had previously closed at $0.81.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group raised 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 equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Tilray presently has an average rating of "Hold" and a consensus price target of $2.70.

Tilray Trading Down 3.3 %

The firm has a market capitalization of $689.18 million, a P/E ratio of -2.45 and a beta of 2.07. The business's 50-day moving average is $1.13 and its 200 day moving average is $1.43. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58.

Tilray (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings results 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 business had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, analysts anticipate that Tilray Inc will post -0.2 EPS for the current fiscal year.

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Hedge Funds Weigh In On Tilray

A number of hedge funds have recently bought and sold shares of TLRY. Ferguson Wellman Capital Management Inc. bought a new position in Tilray during the third quarter worth about $26,000. Lido Advisors LLC bought a new position in Tilray in the 4th quarter valued at about $28,000. Verdence Capital Advisors LLC acquired a new position in shares of Tilray in the 4th quarter valued at approximately $29,000. Dudley Capital Management LLC acquired a new position in shares of Tilray in the 4th quarter valued at approximately $29,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Tilray in the 4th quarter valued at approximately $32,000. 9.35% of the stock is owned by 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.