Tilray (NASDAQ:TLRY) Price Target Raised to $3.00 at Canaccord Genuity Group

Tilray (NASDAQ:TLRY) had its target price lifted by research analysts at Canaccord Genuity Group from $2.00 to $3.00 in a report released on Monday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 152.82% from the stock’s current price.

Separately, Roth Mkm reduced their price objective on shares of Tilray from $2.00 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.70.

Tilray Trading Down 3.5 %

Shares of NASDAQ TLRY traded down $0.04 during mid-day trading on Monday, hitting $1.19. The company’s stock had a trading volume of 16,004,427 shares, compared to its average volume of 46,377,977. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -4.39 and a beta of 2.08. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.47 and a quick ratio of 1.57. Tilray has a one year low of $1.14 and a one year high of $2.97. The company’s fifty day simple moving average is $1.36 and its 200-day simple moving average is $1.62.

Tilray (NASDAQ:TLRY) last issued its earnings results on Friday, January 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The business had revenue of $210.90 million during the quarter, compared to the consensus estimate of $216.34 million. Tilray had a negative net margin of 26.79% and a negative return on equity of 2.00%. The firm’s revenue was up 8.7% on a year-over-year basis. On average, sell-side analysts anticipate that Tilray will post -0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tilray news, CFO Carl A. Merton acquired 26,000 shares of the stock in a transaction dated Friday, November 15th. The shares were bought at an average cost of $1.36 per share, for a total transaction of $35,360.00. Following the completion of the acquisition, the chief financial officer now directly owns 26,000 shares of the company’s stock, valued at approximately $35,360. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Tilray

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in 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 period. Point72 Asset Management L.P. bought a new position in Tilray during the third quarter worth $1,348,000. Bank of Montreal Can boosted its position in shares of Tilray by 19.6% in the second quarter. Bank of Montreal Can now owns 2,169,100 shares of the company’s stock valued at $3,622,000 after acquiring an additional 355,778 shares during the period. Creative Planning boosted its position in shares of Tilray by 36.6% in the third quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after acquiring an additional 38,054 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Tilray by 11.5% in the second quarter. The Manufacturers Life Insurance Company now owns 682,478 shares of the company’s stock valued at $1,131,000 after acquiring an additional 70,605 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.