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

Shares of Tilray Inc (NASDAQ:TLRY) gapped up before the market opened on Monday . The stock had previously closed at $0.65, but opened at $0.68. Tilray shares last traded at $0.66, with a volume of 2,508,106 shares.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group lifted their price objective on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

The company has a market capitalization of $628.23 million, a price-to-earnings ratio of -2.23 and a beta of 2.13. The stock has a fifty day moving average price of $0.91 and a two-hundred day moving average price of $1.30. The company has a quick ratio of 1.58, a current ratio of 2.54 and a debt-to-equity ratio of 0.10.

Tilray (NASDAQ:TLRY) last released its quarterly earnings results 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 return on equity of 4.40% and a negative net margin of 30.95%. The company had revenue of $210.90 million during the quarter, compared to analyst estimates of $216.34 million. Tilray’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, analysts forecast that Tilray Inc will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Tilray

A number of hedge funds and other institutional investors have recently made changes to their positions in TLRY. BNP Paribas Financial Markets grew its position in shares of Tilray by 1,314.1% in the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock valued at $3,202,000 after purchasing an additional 1,690,827 shares during the period. Tidal Investments LLC grew its position in shares of Tilray by 9.2% in the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company’s stock valued at $14,092,000 after purchasing an additional 889,086 shares during the period. Quinn Opportunity Partners LLC grew its position in shares of Tilray by 108.0% in the fourth quarter. Quinn Opportunity Partners LLC now owns 1,618,080 shares of the company’s stock valued at $2,152,000 after purchasing an additional 840,000 shares during the period. Virtu Financial LLC purchased a new stake in shares of Tilray in the fourth quarter valued at $1,029,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Tilray by 54.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company’s stock valued at $2,890,000 after purchasing an additional 769,569 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.