Tilray Brands (NASDAQ:TLRY) Shares Up 1.6% – Time to Buy?

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price shot up 1.6% during mid-day trading on Thursday . The stock traded as high as $6.29 and last traded at $6.24. 4,459,130 shares changed hands during trading, a decline of 2% from the average session volume of 4,568,607 shares. The stock had previously closed at $6.14.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TLRY. ATB Cormark Capital Markets cut their price target on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. Wall Street Zen raised Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Roth Mkm raised Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Thursday, April 2nd. Zacks Research raised Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Canaccord Genuity Group began coverage on Tilray Brands in a report on Tuesday, January 27th. They set a “hold” rating for the company. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.50.

Tilray Brands Stock Down 1.3%

The company has a 50-day moving average price of $6.92 and a 200 day moving average price of $9.12. The firm has a market capitalization of $717.94 million, a PE ratio of -0.45 and a beta of 2.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings data on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.10). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The business had revenue of $206.73 million during the quarter, compared to analysts’ expectations of $201.35 million. During the same quarter in the previous year, the firm earned ($0.87) earnings per share. Analysts forecast that Tilray Brands, Inc. will post -0.58 earnings per share for the current year.

Insider Activity at Tilray Brands

In other news, Director David G. Hopkinson sold 33,556 shares of the business’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total value of $232,878.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Tilray Brands

Several large investors have recently made changes to their positions in the business. R Squared Ltd purchased a new position in shares of Tilray Brands in the first quarter valued at about $94,000. Apollon Wealth Management LLC purchased a new stake in shares of Tilray Brands in the first quarter worth about $96,000. Pictet Asset Management Holding SA lifted its position in shares of Tilray Brands by 38.9% in the first quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company’s stock worth $119,000 after buying an additional 5,145 shares in the last quarter. Alpine Global Management LLC purchased a new stake in shares of Tilray Brands in the fourth quarter worth about $169,000. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Tilray Brands in the fourth quarter worth about $824,000. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

Tilray Brands Company Profile

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray’s product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.