Tilray (NASDAQ:TLRY) Trading 0.8% Higher - Should You Buy?

Tilray Inc (NASDAQ:TLRY - Get Free Report)'s stock price rose 0.8% during mid-day trading on Wednesday . The stock traded as high as $0.49 and last traded at $0.46. Approximately 7,614,100 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 29,280,333 shares. The stock had previously closed at $0.46.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TLRY. Piper Sandler reduced their target price on Tilray from $2.00 to $1.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Canaccord Genuity Group lifted 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. Finally, Roth Capital reiterated a "neutral" rating on shares of Tilray in a research note on Monday, April 14th.

Tilray Stock Performance

The firm has a market capitalization of $492.98 million, a price-to-earnings ratio of -1.63 and a beta of 1.88. The company has a fifty day moving average of $0.62 and a two-hundred day moving average of $1.07. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54.

Tilray (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $185.78 million for the quarter, compared to analyst estimates 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 research analysts predict that Tilray Inc will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Tilray

Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in Tilray by 112.7% in the 4th quarter. JPMorgan Chase & Co. now owns 919,082 shares of the company's stock valued at $1,222,000 after acquiring an additional 487,051 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in Tilray by 174.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 84,516 shares of the company's stock valued at $112,000 after acquiring an additional 53,751 shares in the last quarter. Quinn Opportunity Partners LLC raised its holdings in shares of Tilray by 108.0% during the 4th quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company's stock worth $2,152,000 after buying an additional 840,000 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Tilray during the 4th quarter worth $255,000. Finally, Arizona State Retirement System raised its holdings in shares of Tilray by 9.9% during the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company's stock worth $347,000 after buying an additional 23,439 shares in the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

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.