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

Tilray Inc (NASDAQ:TLRY)’s share price gapped up prior to trading on Monday . The stock had previously closed at $0.65, but opened at $0.68. Tilray shares last traded at $0.66, with a volume of 2,508,106 shares.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group lifted their price target on 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 currently has an average rating of “Hold” and an average target price of $2.70.

Tilray Price Performance

The company has a 50-day moving average price of $0.89 and a 200-day moving average price of $1.28. The firm has a market capitalization of $639.11 million, a P/E ratio of -2.27 and a beta of 2.13. 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 (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The company had revenue of $210.90 million for the quarter, compared to analyst estimates of $216.34 million. The business’s quarterly revenue was up 8.7% on a year-over-year basis. On average, sell-side analysts predict that Tilray Inc will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its holdings in Tilray by 8.0% during the 4th quarter. California State Teachers Retirement System now owns 778,513 shares of the company’s stock worth $1,035,000 after buying an additional 57,544 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Tilray by 317.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 166,326 shares of the company’s stock worth $221,000 after purchasing an additional 126,507 shares during the last quarter. Toronto Dominion Bank grew its position in Tilray by 53.0% in the fourth quarter. Toronto Dominion Bank now owns 197,207 shares of the company’s stock valued at $260,000 after purchasing an additional 68,284 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Tilray by 17.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company’s stock valued at $2,613,000 after buying an additional 286,481 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Tilray by 81.7% in the fourth quarter. Two Sigma Advisers LP now owns 164,800 shares of the company’s stock valued at $219,000 after acquiring an additional 74,100 shares during the last quarter. 9.35% of the stock is owned by 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.