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

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

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group boosted their price target 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.70.

Tilray Stock Up 11.2 %

The company has a market cap of $682.89 million, a PE ratio of -2.43 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. The stock has a 50-day moving average of $0.87 and a 200-day moving average of $1.28.

Tilray (NASDAQ:TLRY) last issued 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 company had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. The business’s revenue was up 8.7% on a year-over-year basis. Sell-side analysts predict that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray

A number of hedge funds have recently bought and sold shares of the company. Lido Advisors LLC bought a new stake in shares of Tilray in the fourth quarter worth $28,000. Verdence Capital Advisors LLC bought a new stake in Tilray in the fourth quarter worth $29,000. Dudley Capital Management LLC bought a new stake in Tilray in the fourth quarter worth about $29,000. Ameritas Advisory Services LLC purchased a new position in Tilray during the 4th quarter valued at $32,000. Finally, Newman Dignan & Sheerar Inc. grew its holdings in shares of Tilray by 61.9% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock worth $35,000 after purchasing an additional 10,000 shares during the last quarter. 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.