Tilray (NASDAQ:TLRY) Shares Up 1.1% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY)’s share price shot up 1.1% on Wednesday . The stock traded as high as $1.59 and last traded at $1.59. 2,834,035 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 25,168,512 shares. The stock had previously closed at $1.57.

Wall Street Analyst Weigh In

Separately, Roth Mkm reduced their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday, October 11th.

Tilray Price Performance

The company has a quick ratio of 1.42, a current ratio of 2.27 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -5.88 and a beta of 2.13. The stock has a fifty day moving average of $1.75 and a two-hundred day moving average of $1.84.

Tilray (NASDAQ:TLRY) last posted its earnings results on Thursday, October 10th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $200.00 million for the quarter, compared to analyst estimates of $218.70 million. Tilray had a negative return on equity of 2.01% and a negative net margin of 26.79%. Tilray’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. On average, equities research analysts anticipate that Tilray Inc will post -0.16 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

Institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can lifted its holdings 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 during the period. Lazard Asset Management LLC purchased a new stake in Tilray during the first quarter valued at about $118,000. Avantax Advisory Services Inc. increased its stake in Tilray by 46.2% during the first quarter. Avantax Advisory Services Inc. now owns 53,110 shares of the company’s stock worth $131,000 after acquiring an additional 16,792 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Tilray in the 1st quarter worth about $75,000. Finally, The Manufacturers Life Insurance Company lifted its stake 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 purchasing an additional 70,605 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.