Tilray (NASDAQ:TLRY) Stock Price Up 3.4% – Time to Buy?

Tilray Inc (NASDAQ:TLRY)’s share price traded up 3.4% during trading on Wednesday . The company traded as high as $0.48 and last traded at $0.47. 7,855,447 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 29,703,459 shares. The stock had previously closed at $0.46.

Analyst Upgrades and Downgrades

TLRY has been the topic of several recent research reports. Piper Sandler cut their price target on Tilray from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Wednesday. Canaccord Genuity Group raised their target price on Tilray from $2.00 to $3.00 and gave the company a “buy” rating in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.35.

Tilray Stock Performance

The company’s fifty day moving average is $0.77 and its 200 day moving average is $1.20. 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 has a market capitalization of $481.02 million, a P/E ratio of -1.73 and a beta of 1.88.

Tilray (NASDAQ:TLRY) last released its earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The firm had revenue of $185.78 million during the quarter, compared to the consensus estimate of $213.38 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. As a group, equities analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Trading of Tilray

Several hedge funds and other institutional investors have recently made changes to their positions in TLRY. Lido Advisors LLC purchased a new stake in shares of Tilray in the 4th quarter worth $28,000. Dudley Capital Management LLC bought a new stake in shares of Tilray in the 4th quarter worth about $29,000. Verdence Capital Advisors LLC bought a new position in Tilray during the 4th quarter valued at about $29,000. Ameritas Advisory Services LLC purchased a new stake in Tilray in the 4th quarter worth about $32,000. Finally, Newman Dignan & Sheerar Inc. boosted its position in shares of Tilray by 61.9% during the fourth quarter. Newman Dignan & Sheerar Inc. now owns 26,150 shares of the company’s stock valued at $35,000 after buying an additional 10,000 shares during the period. Hedge funds and other 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.