Tilray Brands (NASDAQ:TLRY) Stock Price Up 3% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price rose 3% on Tuesday . The company traded as high as $5.53 and last traded at $5.45. Approximately 2,932,747 shares changed hands during trading, a decline of 34% from the average daily volume of 4,422,706 shares. The stock had previously closed at $5.29.

Wall Street Analyst Weigh In

TLRY has been the subject of a number of research reports. Zacks Research upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Canaccord Genuity Group started coverage on shares of Tilray Brands in a research note on Tuesday, January 27th. They issued a “hold” rating for the company. Weiss Ratings lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. TD Cowen decreased their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 30th. Finally, Roth Mkm raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Thursday, April 2nd. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Tilray Brands has a consensus rating of “Hold” and a consensus target price of $11.50.

Tilray Brands Stock Up 3.0%

The business’s 50 day moving average is $6.31 and its 200 day moving average is $8.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The stock has a market cap of $635.20 million, a price-to-earnings ratio of -0.40 and a beta of 1.94.

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

Insider Transactions at Tilray Brands

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total value of $232,878.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TLRY. AQR Capital Management LLC lifted its position in Tilray Brands by 1,839.7% in the 1st quarter. AQR Capital Management LLC now owns 607,054 shares of the company’s stock worth $399,000 after buying an additional 575,757 shares in the last quarter. XTX Topco Ltd purchased a new stake in Tilray Brands in the 2nd quarter worth approximately $112,000. Cerity Partners LLC lifted its position in Tilray Brands by 98.5% in the 2nd quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock worth $38,000 after buying an additional 45,929 shares in the last quarter. Ausdal Financial Partners Inc. purchased a new stake in Tilray Brands in the 2nd quarter worth approximately $939,000. Finally, Bank of America Corp DE lifted its position in Tilray Brands by 26.5% in the 2nd quarter. Bank of America Corp DE now owns 311,810 shares of the company’s stock worth $129,000 after buying an additional 65,379 shares in the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

About Tilray Brands

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.