Tilray (NASDAQ:TLRY) Shares Gap Up – Here’s Why

Tilray Inc (NASDAQ:TLRY)’s stock 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 changing hands.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group boosted their price target on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.70.

Tilray Stock Performance

The stock has a 50-day simple moving average of $0.91 and a 200-day simple moving average of $1.30. 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 has a market cap of $628.23 million, a PE ratio of -2.23 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (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 firm had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. Tilray’s revenue was up 8.7% compared to the same quarter last year. Equities analysts predict that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tilray

Several institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System boosted its position in shares of Tilray by 8.0% in the fourth 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 position in shares of Tilray by 317.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 166,326 shares of the company’s stock worth $221,000 after buying an additional 126,507 shares during the period. Toronto Dominion Bank boosted its position in shares of Tilray by 53.0% in the fourth quarter. Toronto Dominion Bank now owns 197,207 shares of the company’s stock worth $260,000 after buying an additional 68,284 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Tilray by 17.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company’s stock worth $2,613,000 after buying an additional 286,481 shares during the period. Finally, Two Sigma Advisers LP boosted 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 worth $219,000 after buying an additional 74,100 shares during the period. Hedge funds and other institutional investors 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.