Tilray (NASDAQ:TLRY) Stock Price Up 5.2% – Here’s What Happened

Tilray Inc (NASDAQ:TLRY) rose 5.2% during mid-day trading on Tuesday . The company traded as high as $0.69 and last traded at $0.68. Approximately 20,055,536 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 31,399,047 shares. The stock had previously closed at $0.64.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group lifted their price objective 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. The stock’s 50-day simple moving average is $0.96 and its 200 day simple moving average is $1.33. The stock has a market capitalization of $624.48 million, a P/E ratio of -2.21 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last released its quarterly earnings data on Friday, January 10th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $216.34 million. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts expect that Tilray Inc will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray

Institutional investors and hedge funds have recently modified their holdings of the business. Lido Advisors LLC acquired a new position in shares of Tilray in the fourth quarter valued at about $28,000. Verdence Capital Advisors LLC bought a new stake in Tilray during the fourth quarter worth about $29,000. Dudley Capital Management LLC bought a new stake in Tilray during the fourth quarter worth about $29,000. Ameritas Advisory Services LLC bought a new stake in Tilray during the fourth quarter worth about $32,000. Finally, Newman Dignan & Sheerar Inc. lifted its position in Tilray by 61.9% during 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 period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.