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

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

Analyst Ratings Changes

Separately, 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 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. Based on data from MarketBeat.com, Tilray presently has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Price Performance

The business’s 50-day moving average price is $0.85 and its 200 day moving average price is $1.27. The company has a market capitalization of $621.38 million, a P/E ratio of -2.21 and a beta of 2.13. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last announced its 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). Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The company had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The company’s revenue was up 8.7% compared to the same quarter last year. Analysts anticipate that Tilray Inc will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray

A number of large investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its holdings in shares of Tilray by 1,314.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after purchasing an additional 1,690,827 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Tilray by 9.2% during the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after buying an additional 889,086 shares during the last quarter. Quinn Opportunity Partners LLC grew its position in Tilray by 108.0% during the 4th quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company’s stock worth $2,152,000 after acquiring an additional 840,000 shares during the last quarter. Virtu Financial LLC purchased a new position in Tilray in the 4th quarter worth approximately $1,029,000. Finally, Dimensional Fund Advisors LP lifted its position in Tilray by 54.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after purchasing an additional 769,569 shares during the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.