Tilray (NASDAQ:TLRY) Trading 3.2% Higher – Here’s Why

Tilray Inc (NASDAQ:TLRY) shares shot up 3.2% during mid-day trading on Monday . The company traded as high as $0.68 and last traded at $0.67. 9,971,595 shares changed hands during trading, a decline of 77% from the average session volume of 44,183,152 shares. The stock had previously closed at $0.65.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group lifted their price target on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Tilray presently has a consensus rating of “Hold” and a consensus target price of $2.70.

Tilray Stock Performance

The stock’s 50 day moving average is $0.91 and its two-hundred day moving average is $1.30. The stock has a market capitalization of $630.10 million, a price-to-earnings ratio of -2.24 and a beta of 2.13. The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts expect that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TLRY. Tidal Investments LLC raised its holdings in shares of Tilray by 9.2% in the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after purchasing an additional 889,086 shares during the period. Bank of Montreal Can increased its stake in shares of Tilray by 14.4% during the fourth quarter. Bank of Montreal Can now owns 2,488,982 shares of the company’s stock worth $3,310,000 after purchasing an additional 312,476 shares during the period. Geode Capital Management LLC boosted its stake in Tilray by 20.1% in the 4th quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company’s stock valued at $3,200,000 after purchasing an additional 403,371 shares during the period. Dimensional Fund Advisors LP grew its holdings in Tilray by 54.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after buying an additional 769,569 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Tilray by 17.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company’s stock valued at $2,613,000 after acquiring an additional 286,481 shares during the period. Institutional investors own 9.35% of the company’s stock.

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.