Tilray (NASDAQ:TLRY) Shares Up 9.1% – Time to Buy?

Tilray Inc (NASDAQ:TLRY)’s stock price was up 9.1% during trading on Thursday . The stock traded as high as $0.71 and last traded at $0.72. Approximately 11,904,470 shares traded hands during trading, a decline of 61% from the average daily volume of 30,610,891 shares. The stock had previously closed at $0.66.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group upped their price objective on shares of Tilray from $2.00 to $3.00 and gave the company 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 issued a buy rating to the company. According to data from MarketBeat, Tilray has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Price Performance

The stock has a 50-day moving average price of $0.87 and a 200 day moving average price of $1.28. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The firm has a market cap of $682.89 million, a price-to-earnings ratio of -2.43 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last announced its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) 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 analysts’ expectations 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. As a group, equities research analysts forecast that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Lido Advisors LLC bought a new stake in shares of Tilray in the 4th quarter worth approximately $28,000. Dudley Capital Management LLC acquired a new stake in Tilray during the 4th quarter valued at $29,000. Verdence Capital Advisors LLC acquired a new stake in shares of Tilray during the fourth quarter worth approximately $29,000. Ameritas Advisory Services LLC bought a new position in Tilray during the fourth quarter valued at approximately $32,000. Finally, Newman Dignan & Sheerar Inc. boosted its position in 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 period. Institutional investors and hedge funds 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.