Tilray (NASDAQ:TLRY) Shares Up 3.1% - Here's What Happened

Tilray Inc (NASDAQ:TLRY - Get Free Report) shot up 3.1% during trading on Thursday . The company traded as high as $0.50 and last traded at $0.50. 4,277,085 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 28,920,594 shares. The stock had previously closed at $0.49.

Analyst Ratings Changes

TLRY has been the topic of a number of analyst reports. Piper Sandler lowered their price objective on shares of Tilray from $2.00 to $1.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Canaccord Genuity Group upped their price objective on shares of Tilray from $2.00 to $3.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, Roth Capital reissued a "neutral" rating on shares of Tilray in a research note on Monday, April 14th.

Tilray Stock Down 4.2 %

The firm has a 50-day simple moving average of $0.57 and a 200 day simple moving average of $1.03. 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 company has a market capitalization of $423.73 million, a PE ratio of -1.40 and a beta of 1.95.

Tilray (NASDAQ:TLRY - Get Free Report) last announced its earnings results on Tuesday, April 8th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The company had revenue of $185.78 million for the quarter, compared to analysts' expectations of $213.38 million. Tilray had a negative net margin of 30.95% and a negative return on equity of 4.40%. On average, research analysts predict that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Tilray

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its position in shares of Tilray by 9.2% during the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company's stock worth $14,092,000 after acquiring an additional 889,086 shares during the last quarter. Bank of Montreal Can raised its position in shares of Tilray by 14.4% in the 4th quarter. Bank of Montreal Can now owns 2,488,982 shares of the company's stock valued at $3,310,000 after purchasing an additional 312,476 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Tilray by 20.1% during the 4th quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company's stock valued at $3,200,000 after buying an additional 403,371 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Tilray by 54.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock worth $2,890,000 after buying an additional 769,569 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake 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 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.