Tilray Brands Target of Unusually High Options Trading (NASDAQ:TLRY)

Tilray Brands, Inc. (NASDAQ:TLRY) was the target of some unusual options trading on Friday. Stock traders purchased 23,521 call options on the company. This is an increase of approximately 82% compared to the average volume of 12,938 call options.

Hedge Funds Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently modified their holdings of TLRY. Hilton Head Capital Partners LLC acquired a new stake in shares of Tilray Brands in the fourth quarter worth $38,000. Cerity Partners LLC lifted its stake in shares of Tilray Brands by 98.5% during the second quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock worth $38,000 after purchasing an additional 45,929 shares in the last quarter. Marex Group plc acquired a new stake in shares of Tilray Brands in the second quarter valued at about $40,000. Hilton Capital Management LLC purchased a new stake in shares of Tilray Brands during the 2nd quarter valued at about $41,000. Finally, Essential Partners LLC lifted its position in Tilray Brands by 110,137.5% during the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after acquiring an additional 8,811 shares in the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TLRY. ATB Cormark Capital Markets cut their price target on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Roth Capital upgraded 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. Finally, TD Cowen dropped their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $11.00.

Tilray Brands Trading Up 8.0%

TLRY stock traded up $0.34 during midday trading on Friday, hitting $4.54. The stock had a trading volume of 4,748,386 shares, compared to its average volume of 4,302,036. Tilray Brands has a 12-month low of $3.67 and a 12-month high of $23.20. The company’s 50-day moving average price is $4.69 and its 200 day moving average price is $6.27. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.66. The firm has a market cap of $528.55 million, a PE ratio of -4.20 and a beta of 1.89.

Tilray Brands (NASDAQ:TLRY) last released its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.42). Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%.The business had revenue of $281.71 million for the quarter, compared to analysts’ expectations of $246.30 million. On average, equities research analysts predict that Tilray Brands will post -0.34 earnings per share for the current fiscal year.

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.