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

Shares of Tilray Inc (NASDAQ:TLRY) gapped up before the market opened on Tuesday . The stock had previously closed at $0.64, but opened at $0.66. Tilray shares last traded at $0.69, with a volume of 8,718,866 shares traded.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their target price on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Tilray 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 has a 50 day simple moving average of $0.93 and a two-hundred day simple moving average of $1.31. The company has a market cap of $602.16 million, a PE ratio of -2.14 and a beta of 2.13.

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

Institutional Investors Weigh In On Tilray

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its stake in shares of Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after purchasing an additional 1,690,827 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Tilray during the third quarter worth approximately $1,348,000. Atria Wealth Solutions Inc. raised its stake in shares of Tilray by 174.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company’s stock worth $112,000 after purchasing an additional 53,751 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Tilray by 9.9% during the fourth quarter. Arizona State Retirement System now owns 261,233 shares of the company’s stock worth $347,000 after purchasing an additional 23,439 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Tilray by 600.4% during the third quarter. Barclays PLC now owns 204,144 shares of the company’s stock worth $359,000 after purchasing an additional 174,997 shares during the last quarter. 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.