Tilray (NASDAQ:TLRY) Trading 3.5% Higher – Time to Buy?

Tilray Inc (NASDAQ:TLRY)’s stock price traded up 3.5% on Friday . The stock traded as high as $0.67 and last traded at $0.67. 8,804,674 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 31,240,242 shares. The stock had previously closed at $0.65.

Wall Street Analyst Weigh In

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

Tilray Trading Up 2.1 %

The firm has a 50-day moving average of $0.92 and a 200-day moving average of $1.31. 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 firm has a market capitalization of $620.73 million, a P/E ratio of -2.21 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 analysts’ expectations of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities research analysts anticipate that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after buying an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Tilray during the third quarter valued at $1,348,000. Atria Wealth Solutions Inc. raised its stake in Tilray by 174.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock valued at $112,000 after buying an additional 53,751 shares during the last quarter. Arizona State Retirement System raised its stake in Tilray by 9.9% during the fourth quarter. Arizona State Retirement System now owns 261,233 shares of the company’s stock valued at $347,000 after buying an additional 23,439 shares during the last quarter. Finally, Barclays PLC raised its stake in Tilray by 600.4% during the third quarter. Barclays PLC now owns 204,144 shares of the company’s stock valued at $359,000 after buying an additional 174,997 shares during the last quarter. Hedge funds and other 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.