Tilray (NASDAQ:TLRY) Trading 15.5% Higher – What’s Next?

Tilray Inc (NASDAQ:TLRY)’s share price was up 15.5% on Wednesday . The company traded as high as $1.20 and last traded at $1.16. Approximately 54,470,884 shares changed hands during mid-day trading, an increase of 24% from the average daily volume of 43,898,328 shares. The stock had previously closed at $1.00.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Roth Mkm lowered their price target on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a report on Friday, October 11th. Canaccord Genuity Group upped their target price on shares of 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 given a buy rating to the company’s stock. Based on data from MarketBeat, Tilray has an average rating of “Hold” and a consensus target price of $2.70.

Tilray Price Performance

The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $1.24 and its 200 day moving average price is $1.53. The company has a market cap of $937.66 million, a price-to-earnings ratio of -3.33 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last released 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). The business had revenue of $210.90 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 8.7% on a year-over-year basis. Equities research analysts forecast that Tilray Inc will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Carl A. Merton bought 26,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was bought at an average cost of $1.36 per share, with a total value of $35,360.00. Following the completion of the acquisition, the chief financial officer now owns 26,000 shares in the company, valued at approximately $35,360. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tilray

A number of institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in Tilray by 11.5% in the second quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after purchasing an additional 70,605 shares during the last quarter. Algert Global LLC acquired a new stake in Tilray in the 2nd quarter valued at about $130,000. Sanctuary Advisors LLC purchased a new position in Tilray during the 2nd quarter valued at about $65,000. Creative Planning raised its position in Tilray by 36.6% during the third quarter. Creative Planning now owns 141,921 shares of the company’s stock worth $250,000 after acquiring an additional 38,054 shares during the last quarter. Finally, Stratos Wealth Advisors LLC lifted its holdings in shares of Tilray by 253.5% in the third quarter. Stratos Wealth Advisors LLC now owns 39,074 shares of the company’s stock valued at $69,000 after purchasing an additional 28,022 shares in the last quarter. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.