Tilray (NASDAQ:TLRY) Trading 8% Higher – Here’s What Happened

Tilray Inc (NASDAQ:TLRY) shot up 8% during mid-day trading on Thursday . The company traded as high as $1.45 and last traded at $1.44. 17,417,165 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 26,444,244 shares. The stock had previously closed at $1.33.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm cut their target price on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research report on Friday, October 11th.

Tilray Trading Down 0.7 %

The company has a quick ratio of 1.57, a current ratio of 2.47 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -5.37 and a beta of 2.09. The firm has a 50 day moving average price of $1.40 and a two-hundred day moving average price of $1.63.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Thursday, October 10th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $200.00 million during the quarter, compared to analysts’ expectations of $218.70 million. Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. Tilray’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.10) earnings per share. As a group, equities analysts forecast that Tilray Inc will post -0.14 earnings per share for the current year.

Insider Activity at Tilray

In related news, CFO Carl A. Merton purchased 26,000 shares of Tilray stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the acquisition, the chief financial officer now owns 26,000 shares of the company’s stock, valued at $35,360. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tilray

A number of large investors have recently modified their holdings of TLRY. CIBC Asset Management Inc raised its holdings in shares of Tilray by 13.3% in the second quarter. CIBC Asset Management Inc now owns 871,299 shares of the company’s stock valued at $1,445,000 after purchasing an additional 102,316 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Tilray by 8.1% in the second quarter. TD Asset Management Inc now owns 1,373,045 shares of the company’s stock valued at $2,278,000 after acquiring an additional 103,207 shares in the last quarter. CapWealth Advisors LLC increased its position in shares of Tilray by 21.1% during the second quarter. CapWealth Advisors LLC now owns 108,960 shares of the company’s stock valued at $181,000 after acquiring an additional 18,960 shares during the last quarter. Arizona State Retirement System boosted its position in Tilray by 4.4% in the second quarter. Arizona State Retirement System now owns 216,693 shares of the company’s stock worth $360,000 after purchasing an additional 9,171 shares during the last quarter. Finally, Jeppson Wealth Management LLC bought a new position in Tilray in the 2nd quarter valued at $33,000. 9.35% of the stock is currently 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.