Tilray (NASDAQ:TLRY) Shares Gap Up to $2.98

Tilray Inc (NASDAQ:TLRY) gapped up prior to trading on Friday . The stock had previously closed at $2.98, but opened at $3.10. Tilray shares last traded at $3.08, with a volume of 7,778,396 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TLRY shares. Piper Sandler reduced their price objective on Tilray from $3.00 to $2.00 in a report on Thursday, July 27th. ATB Capital lifted their target price on shares of Tilray from $2.50 to $3.00 in a research report on Thursday, July 27th. Alliance Global Partners cut their target price on shares of Tilray from $3.00 to $2.00 in a research report on Thursday, July 27th. Roth Mkm reaffirmed a “neutral” rating and issued a $2.50 target price on shares of Tilray in a research report on Friday, September 1st. Finally, CIBC cut their price target on Tilray from $2.75 to $2.25 in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.07.

Tilray Stock Performance

The business’s 50-day moving average price is $2.39 and its 200-day moving average price is $2.29. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.79. The stock has a market cap of $2.17 billion, a P/E ratio of -1.37 and a beta of 2.39.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TLRY. JPMorgan Chase & Co. grew its stake in shares of Tilray by 63.2% during the 1st quarter. JPMorgan Chase & Co. now owns 266,929 shares of the company’s stock valued at $2,073,000 after acquiring an additional 103,379 shares during the period. Raymond James & Associates grew its stake in shares of Tilray by 7.4% during the 1st quarter. Raymond James & Associates now owns 103,410 shares of the company’s stock valued at $803,000 after acquiring an additional 7,135 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of Tilray by 77.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 148,682 shares of the company’s stock valued at $1,155,000 after acquiring an additional 65,079 shares during the period. Cetera Advisor Networks LLC bought a new position in shares of Tilray during the 1st quarter valued at approximately $82,000. Finally, Private Advisor Group LLC increased its stake in Tilray by 25.6% in the 1st quarter. Private Advisor Group LLC now owns 51,937 shares of the company’s stock worth $404,000 after buying an additional 10,587 shares in the last quarter. 8.86% of the stock is currently owned by institutional investors.

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 Nanaimo, Canada.