Tilray Brands (NASDAQ:TLRY) Trading 3.8% Higher – Time to Buy?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded up 3.8% on Wednesday . The company traded as high as $5.48 and last traded at $5.41. 2,621,521 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 4,474,375 shares. The stock had previously closed at $5.21.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Roth Mkm raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a report on Thursday, April 2nd. ATB Cormark Capital Markets cut their target price 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 lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Finally, Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a report on Tuesday, January 27th. They issued 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 company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $11.50.

Tilray Brands Price Performance

The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The firm’s 50 day simple moving average is $6.38 and its 200 day simple moving average is $8.18. The company has a market capitalization of $616.55 million, a PE ratio of -0.39 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 the consensus estimate of ($0.14) by ($0.10). The firm had revenue of $206.73 million for the quarter, compared to analysts’ expectations of $201.35 million. Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.During the same period in the previous year, the firm earned ($0.87) earnings per share. As a group, research analysts anticipate that Tilray Brands, Inc. will post -0.58 EPS for the current fiscal year.

Insider Activity

In other news, Director David G. Hopkinson sold 33,556 shares of the business’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total transaction of $232,878.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Tilray Brands

A number of large investors have recently made changes to their positions in the stock. Tidal Investments LLC boosted its stake in shares of Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock valued at $12,006,000 after purchasing an additional 3,776,410 shares during the period. Millennium Management LLC boosted its stake in shares of Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after purchasing an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tilray Brands during the third quarter valued at $5,813,000. Ausdal Financial Partners Inc. bought a new stake in shares of Tilray Brands in the second quarter valued at about $939,000. Finally, Swiss National Bank raised its holdings in shares of Tilray Brands by 4.4% in the third quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock valued at $3,483,000 after acquiring an additional 84,900 shares in the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.