Tilray (NASDAQ:TLRY) Shares Up 3.9% – Time to Buy?

Shares of Tilray Inc (NASDAQ:TLRY) were up 3.9% on Friday . The company traded as high as $0.61 and last traded at $0.61. Approximately 12,153,289 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 44,987,328 shares. The stock had previously closed at $0.59.

Analyst Ratings Changes

Separately, Canaccord Genuity Group raised their price target on shares of Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

The stock has a market cap of $571.03 million, a price-to-earnings ratio of -2.03 and a beta of 2.13. The firm’s 50-day moving average price is $0.99 and its two-hundred day moving average price is $1.35. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54.

Tilray (NASDAQ:TLRY) last posted its earnings results 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 firm 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 company’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Tilray

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Wealth Enhancement Advisory Services LLC increased its position in shares of Tilray by 22.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,819 shares of the company’s stock worth $70,000 after purchasing an additional 7,339 shares during the last quarter. Apollon Wealth Management LLC purchased a new stake in shares of Tilray in the 3rd quarter valued at approximately $63,000. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Tilray in the 3rd quarter worth approximately $26,000. CIBC Asset Management Inc boosted its position in shares of Tilray by 4.2% during the 3rd quarter. CIBC Asset Management Inc now owns 908,098 shares of the company’s stock worth $1,599,000 after purchasing an additional 36,799 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Tilray by 2.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company’s stock valued at $2,617,000 after purchasing an additional 37,300 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.