ETF Managers Group LLC recently announced the acquisition of new stake in Tilray Inc. (NASDAQ:TLRY). The institutional investor has increased its shareholding in the Healthcare company by 89.02% to 6.04 million shares with purchase of 2.84 million shares. This fresh investment now brings its stake to 5.58% valued currently at $44.54 million. In addition, Horizons ETFs Management (Canada).. raised its holdings by 0.17 million to 1.8 million shares. And Susquehanna Financial Group LLLP has lifted its position by 9,719.03% or 1.47 million shares – to 1.48 million shares.
With over 7.83 million Tilray Inc. (TLRY) shares trading Monday and a closing price of $6.71 on the day, the dollar volume was approximately $52.51 million. The shares have shown a negative weekly performance of -0.45% and its price on 08/31/20 gained nearly 1.82%. Currently, there are 124.76M common shares owned by the public and among those 60.16M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for TLRY have a consensus price objective of $8.88. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $6.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Tilray Inc. stock is 3.10 for the next 12 months. The average price target is 21.79% above its last price level and an upside to the estimated low will see the stock lose -11.83% over that period. But an upside of 55.27% will see the stock hit the forecast high price target while mean target price for the stock is $9.00.
Insiders at the company have transacted a total of 79 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 48 of these insider trades were purchases, accounting for 4,392,704 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 2,934,464 shares.
The top 3 mutual fund holders in Tilray Inc. are ETFMG Alternative Harvest ETF, Horizons Medical Marijuana Life S, and Cannabis ETF (The). ETFMG Alternative Harvest ETF owns 3.25 million shares of the company’s stock, all valued at over $23.97 million. The company bought an additional 7310.0 shares recently to bring their total holdings to about 3.00% of the shares outstanding. Cannabis ETF (The) bought 3648.0 shares to bring its total holdings to over 0.17 million shares at a value of $1.26 million. Cannabis ETF (The) now owns shares totaling to 0.16% of the shares outstanding.
Shares of Tilray Inc. (NASDAQ: TLRY) opened at $6.63, up $0.04 from a prior closing price of $6.59. However, the script later closed the day at $6.71, up 1.82%. The company’s stock has a 5-day price change of -0.45% and -33.03% over the past three months. TLRY shares are trading -60.83% year to date (YTD), with the 12-month market performance down to -73.86% lower. It has a 12-month low price of $2.43 and touched a high of $33.66 over the same period. Currently, 7.83 million shares have been traded, compared to an average intraday trading volume of 6.72 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.19%, -9.91%, and -41.72% respectively.
Institutional ownership of Tilray Inc. (NASDAQ: TLRY) shares accounts for 16.00% of the company’s 124.76M shares outstanding. Mutual fund holders own 60.17%, while other institutional holders and individual stakeholders account for 9.97% and 5.18% respectively.
It has a market capitalization of $833.92M. The earnings-per-share (ttm) stands at -$4.72. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.64% over the week and 6.18% over the month.
Analysts forecast that Tilray Inc. (TLRY) will achieve an EPS of $Tailored Brands, Inc. for the current quarter, $0.30 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $TIMBERLINE RESOURCES CORP while analysts give the company a high EPS estimate of $TECHNICOLOR. Comparatively, EPS for the current quarter was $Telaria, Inc. a year ago. Earnings per share for the fiscal year are expected to decrease by -291.90%, and 75.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Tilray Inc. (TLRY) as a “Hold” at a consensus score of 3.10. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 14 of the 17 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the TLRY, a number of firms have released research notes about the stock. The Benchmark Company stated their Buy rating for the stock in a research note on May 12, 2020, with the firm’s price target at $28-$14. Jefferies coverage for the Tilray Inc. (TLRY) stock in a research note released on April 16, 2020 offered a Underperform rating with a price target of $5. Consumer Edge Research was of a view on April 09, 2020 that the stock is Equal Weight, while Cowen gave the stock Market Perform rating on February 24, 2020, issuing a price target of $40- $20. BofA/Merrill on their part issued Neutral rating on January 13, 2020.