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

Tilray (NASDAQ:TLRY) had its price objective raised by analysts at Canaccord Genuity Group from $2.00 to $3.00 in a report issued on Monday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 154.24% from the stock’s current price.

Separately, Roth Mkm lowered their target price on Tilray from $2.00 to $1.75 and set a “neutral” rating for the company in a research note on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.70.

Tilray Stock Performance

Shares of Tilray stock opened at $1.18 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.57 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.07 billion, a PE ratio of -4.37 and a beta of 2.08. The company has a 50 day moving average of $1.34 and a 200-day moving average of $1.61. Tilray has a 1-year low of $1.14 and a 1-year high of $2.97.

Tilray (NASDAQ:TLRY) last released its earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative return on equity of 2.00% and a negative net margin of 26.79%. The business had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The business’s revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts forecast that Tilray will post -0.14 earnings per share for the current fiscal year.

Insider Activity at Tilray

In other Tilray news, CFO Carl A. Merton acquired 26,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average price of $1.36 per share, for a total transaction of $35,360.00. Following the acquisition, the chief financial officer now directly owns 26,000 shares in the company, valued at $35,360. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray

Several institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Tilray during the third quarter worth $26,000. Vista Capital Partners Inc. acquired a new position in Tilray during the 3rd quarter worth about $42,000. International Assets Investment Management LLC grew its position in shares of Tilray by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after buying an additional 18,208 shares during the last quarter. Capital Management Associates Inc acquired a new stake in shares of Tilray in the third quarter valued at about $45,000. Finally, Pallas Capital Advisors LLC raised its position in shares of Tilray by 58.1% during the third quarter. Pallas Capital Advisors LLC now owns 31,646 shares of the company’s stock worth $52,000 after acquiring an additional 11,632 shares during the last quarter. 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.