Tilray Stock Saw a 1.7% Increase in NASDAQ Trading

Tilray Inc (NASDAQ:TLRY) experienced a 1.7% surge in its stock price on Wednesday. The stock reached a high of $1.80 and closed at $1.78 after 4,660,140 shares were traded. This marked an 84% decrease from the average trading volume of 28,656,588 shares. Prior to this, the stock had closed at $1.75.

Analysts on Wall Street Predict Growth

Several brokerage firms have provided their insights on TLRY. Canaccord Genuity Group lowered their price target on Tilray from $4.25 to $4.00 with a “buy” rating. Alliance Global Partners increased their price target from $2.25 to $2.75 and gave the stock a “neutral” rating. CIBC also lowered their price target from $2.25 to $2.00 and assigned a “neutral” rating.

Analyzing Tilray’s Performance

Tilray currently has a debt-to-equity ratio of 0.11, a current ratio of 1.92, and a quick ratio of 1.18. The stock’s fifty-day simple moving average stands at $1.93, and its 200-day simple moving average is $1.96. With a market cap of $1.37 billion, a P/E ratio of -4.02, and a beta of 2.25, Tilray continues to show promising potential.

Institutional Trading Activity

Several institutional investors and hedge funds have recently adjusted their positions in TLRY. Victory Capital Management Inc. increased its stake by 14.7%, while Avantax Advisory Services Inc. acquired a new position. Swiss National Bank and Kestra Advisory Services LLC also saw a rise in their stakes, indicating growing confidence in Tilray’s future performance.

About Tilray

Tilray, Inc focuses on the research, cultivation, processing, and distribution of medical cannabis. Operating in various countries, including Argentina, Canada, and Germany, the company is headquartered in Nanaimo, Canada.

Investment Considerations

While Tilray is currently rated as a “Hold” by analysts, there are other stocks that top analysts are recommending for investment. MarketBeat has identified five such stocks that are projected to outperform the market. Additionally, it is essential for investors to be cautious of high-yield dividend stocks that may not be sustainable in the long run.

In conclusion, Tilray’s recent stock performance indicates potential growth opportunities, but investors should carefully consider all factors before making investment decisions.