Zacks Investment Research upgraded shares of Tilray (NASDAQ:TLRY) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. The firm currently has $48.00 target price on the stock.

According to Zacks, “Tilray, Inc. is a pharmaceutical company. It develops cannabis based medicines, drugs, drops and oil products. Tilray, Inc. is based in NANAIMO, Canada. “

Several other equities research analysts have also commented on the company. BMO Capital Markets upgraded Tilray from an underperform rating to a market perform rating and set a $50.58 price objective for the company in a research note on Wednesday, May 15th. Consumer Edge assumed coverage on Tilray in a research note on Friday, June 28th. They issued an overweight rating and a $54.00 price objective for the company. Compass Point reduced their price objective on Tilray from $41.00 to $38.00 and set a sell rating for the company in a research note on Monday, June 17th. Piper Jaffray Companies reduced their price objective on Tilray from $84.00 to $72.00 and set an overweight rating for the company in a research note on Wednesday, May 15th. Finally, Jefferies Financial Group upgraded Tilray from an underperform rating to a hold rating and reduced their price objective for the stock from $61.00 to $57.00 in a research note on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. Tilray has an average rating of Hold and a consensus target price of $67.24.

NASDAQ:TLRY opened at $31.31 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.35 and a quick ratio of 2.06. The firm has a market capitalization of $3.04 billion and a price-to-earnings ratio of -38.18. Tilray has a one year low of $28.88 and a one year high of $300.00. The business has a fifty day moving average price of $43.53 and a 200-day moving average price of $54.88.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.09). The company had revenue of $45.90 million during the quarter, compared to analysts’ expectations of $40.25 million. Tilray had a negative return on equity of 41.48% and a negative net margin of 121.73%. The company’s revenue for the quarter was up 373.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.17) earnings per share. On average, equities research analysts expect that Tilray will post -0.92 earnings per share for the current fiscal year.

In other Tilray news, Director Christine St.Clare sold 4,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $50.01, for a total value of $200,040.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of TLRY. Bank of America Corp DE increased its position in shares of Tilray by 48.9% during the 4th quarter. Bank of America Corp DE now owns 2,019 shares of the company’s stock worth $143,000 after purchasing an additional 663 shares during the last quarter. Millennium Management LLC increased its position in shares of Tilray by 255.6% during the 4th quarter. Millennium Management LLC now owns 8,402 shares of the company’s stock worth $593,000 after purchasing an additional 6,039 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Tilray by 20.0% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,200 shares of the company’s stock worth $79,000 after purchasing an additional 200 shares during the last quarter. G&S Capital LLC increased its position in shares of Tilray by 76.9% during the 1st quarter. G&S Capital LLC now owns 1,910 shares of the company’s stock worth $125,000 after purchasing an additional 830 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Tilray by 175.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,405 shares of the company’s stock worth $354,000 after purchasing an additional 12,603 shares during the last quarter. Institutional investors and hedge funds own 2.28% 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 Nanaimo, Canada.

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