Tilray Brands (NASDAQ:TLRY) Stock Jumps 2.2% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares rose 2.2% during mid-day trading on Thursday. The stock traded as high as $3.28 and last traded at $3.21. Approximately 2,643,844 shares traded hands during trading, a decline of 38% from the average daily volume of 4,232,858 shares. The stock had previously closed at $3.14.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Zacks Research cut Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. TD Cowen decreased their price objective on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. TD Securities upgraded Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, ATB Cormark Capital Markets cut their target price on Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Tilray Brands has a consensus rating of “Hold” and a consensus target price of $5.90.

Tilray Brands Stock Down 5.3%

The business’s fifty day moving average price is $4.15 and its 200 day moving average price is $4.90. The company has a market capitalization of $449.28 million, a P/E ratio of -2.17 and a beta of 1.91. The company has a current ratio of 1.88, a quick ratio of 1.11 and a debt-to-equity ratio of 0.17.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.16. The business had revenue of $257.15 million for the quarter, compared to analyst estimates of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. As a group, equities research analysts predict that Tilray Brands, Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the purchase, the chief financial officer directly owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 15,000 shares of company stock worth $69,225 in the last three months. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors have recently added to or reduced their stakes in TLRY. BlackRock Inc. bought a new position in shares of Tilray Brands during the 2nd quarter worth approximately $2,073,000. Swiss National Bank boosted its stake in Tilray Brands by 4.1% in the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock valued at $1,491,000 after buying an additional 9,100 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tilray Brands by 6.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company’s stock valued at $935,000 after acquiring an additional 11,894 shares during the period. Dimensional Fund Advisors LP grew its position in Tilray Brands by 82.9% in the first quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock valued at $568,000 after acquiring an additional 39,801 shares during the period. Finally, Legal & General Group Plc bought a new stake in Tilray Brands in the second quarter valued at $381,000. 9.35% of the stock is owned by institutional investors and hedge funds.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.