Tilray (NASDAQ:TLRY) Shares Gap Up – Still a Buy?

Shares of Tilray Inc (NASDAQ:TLRY) gapped up before the market opened on Monday . The stock had previously closed at $0.65, but opened at $0.68. Tilray shares last traded at $0.66, with a volume of 2,508,106 shares.

Analysts Set New Price Targets

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

Tilray Stock Performance

The stock has a fifty day simple moving average of $0.89 and a two-hundred day simple moving average of $1.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54. The stock has a market cap of $639.11 million, a price-to-earnings ratio of -2.27 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released 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). The business had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The firm’s revenue was up 8.7% compared to the same quarter last year. Analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lido Advisors LLC acquired a new position in shares of Tilray during the fourth quarter worth $28,000. Dudley Capital Management LLC acquired a new position in Tilray in the 4th quarter worth about $29,000. Verdence Capital Advisors LLC acquired a new position in Tilray in the 4th quarter worth about $29,000. Ameritas Advisory Services LLC acquired a new stake in shares of Tilray during the fourth quarter valued at about $32,000. Finally, Newman Dignan & Sheerar Inc. grew its holdings in shares of Tilray by 61.9% during the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock worth $35,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 9.35% of the company’s stock.

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.