Tilray (NASDAQ:TLRY) Trading 15.5% Higher – Here’s What Happened

Shares of Tilray Inc (NASDAQ:TLRY) rose 15.5% on Wednesday . The stock traded as high as $1.20 and last traded at $1.16. Approximately 54,470,884 shares traded hands during 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 research analysts have weighed in on TLRY shares. Canaccord Genuity Group lifted their price target on shares of Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Roth Mkm lowered their price objective on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2.70.

Tilray Price Performance

The firm has a market capitalization of $989.23 million, a price-to-earnings ratio of -3.55 and a beta of 2.07. 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 business has a 50-day moving average price of $1.26 and a two-hundred day moving average price of $1.54.

Tilray (NASDAQ:TLRY) last announced 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 net margin of 30.95% and a negative return on equity of 4.40%. The company had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. The firm’s revenue was up 8.7% compared to the same quarter last year. As a group, research analysts forecast that Tilray Inc will post -0.2 EPS for the current year.

Insider Buying and Selling at Tilray

In other news, CFO Carl A. Merton bought 26,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the purchase, the chief financial officer now owns 26,000 shares of the company’s stock, valued at approximately $35,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in Tilray by 107.5% during the fourth quarter. IFP Advisors Inc now owns 133,523 shares of the company’s stock worth $178,000 after acquiring an additional 69,184 shares in the last quarter. Thompson Davis & CO. Inc. purchased a new position in shares of Tilray in the 4th quarter worth about $249,000. Alberta Investment Management Corp raised its holdings in shares of Tilray by 58.2% in the 4th quarter. Alberta Investment Management Corp now owns 668,800 shares of the company’s stock worth $884,000 after purchasing an additional 246,000 shares during the period. Atria Wealth Solutions Inc. lifted its holdings in Tilray by 174.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock valued at $112,000 after purchasing an additional 53,751 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Tilray by 11.4% during the 4th quarter. CIBC Asset Management Inc now owns 1,011,740 shares of the company’s stock valued at $1,335,000 after purchasing an additional 103,642 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.