Tilray (NASDAQ:TLRY) Stock Price Up 2.2% – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s share price was up 2.2% during mid-day trading on Friday . The company traded as high as $1.18 and last traded at $1.15. Approximately 12,110,177 shares changed hands during trading, a decline of 71% from the average daily volume of 42,268,156 shares. The stock had previously closed at $1.12.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on TLRY shares. 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. Canaccord Genuity Group upped their target price on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.70.

Tilray Trading Up 2.2 %

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 company has a market capitalization of $1.07 billion, a P/E ratio of -3.82 and a beta of 2.08. The business has a 50 day moving average price of $1.31 and a 200 day moving average price of $1.59.

Tilray (NASDAQ:TLRY) last announced 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 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 the consensus estimate of $216.34 million. The firm’s revenue was up 8.7% on a year-over-year basis. Analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

Insider Buying and Selling

In other Tilray news, CFO Carl A. Merton bought 26,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, with a total value of $35,360.00. Following the purchase, the chief financial officer now owns 26,000 shares in the company, valued at $35,360. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tilray

Several hedge funds have recently made changes to their positions in TLRY. Bank of Montreal Can grew its stake in shares of Tilray by 19.6% during the 2nd quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock worth $3,622,000 after acquiring an additional 355,778 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Tilray by 11.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after buying an additional 70,605 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Tilray in the 2nd quarter valued at approximately $130,000. Sanctuary Advisors LLC acquired a new stake in shares of Tilray in the 2nd quarter valued at approximately $65,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of Tilray by 54.8% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 52,067 shares of the company’s stock valued at $86,000 after buying an additional 18,423 shares during the last quarter. 9.35% of the stock is owned by institutional investors.

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.