Tilray (NASDAQ:TLRY) Sees Strong Trading Volume – Time to Buy?

Tilray Inc (NASDAQ:TLRY) shares saw unusually-high trading volume on Wednesday . Approximately 52,063,017 shares were traded during trading, an increase of 20% from the previous session’s volume of 43,394,531 shares.The stock last traded at $1.17 and had previously closed at $1.00.

Analysts Set New Price Targets

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

Tilray Price Performance

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 company has a 50-day simple moving average of $1.26 and a 200-day simple moving average of $1.54. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -3.58 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last released its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.07). The firm had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, research analysts predict that Tilray Inc will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Carl A. Merton acquired 26,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now directly owns 26,000 shares in the company, valued at approximately $35,360. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray

A number of hedge funds have recently made changes to their positions in the stock. Ferguson Wellman Capital Management Inc. purchased a new stake in Tilray during the third quarter valued at about $26,000. Ameritas Advisory Services LLC acquired a new stake in Tilray during the 4th quarter worth approximately $32,000. Newman Dignan & Sheerar Inc. raised its holdings in Tilray by 61.9% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after buying an additional 10,000 shares during the period. International Assets Investment Management LLC lifted its position in Tilray by 335.3% during the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after buying an additional 18,208 shares in the last quarter. Finally, Vista Capital Partners Inc. purchased a new stake in Tilray during the third quarter worth approximately $42,000. 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.