Tilray Brands Sees Unusually High Options Volume (NASDAQ:TLRY)

Tilray Brands, Inc. (NASDAQ:TLRY) was the recipient of some unusual options trading on Friday. Stock traders acquired 16,801 call options on the company. This is an increase of approximately 83% compared to the average daily volume of 9,188 call options.

Tilray Brands Stock Down 4.0%

Tilray Brands stock traded down $0.10 during mid-day trading on Friday, reaching $2.54. 2,418,757 shares of the company were exchanged, compared to its average volume of 4,214,762. Tilray Brands has a 12-month low of $2.52 and a 12-month high of $15.70. The business has a fifty day moving average of $3.83 and a 200 day moving average of $5.54. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.11 and a current ratio of 1.88. The firm has a market cap of $374.64 million, a P/E ratio of -1.80 and a beta of 1.91.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.16. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. The business had revenue of $257.15 million for the quarter, compared to analyst estimates of $266.26 million. Research analysts anticipate that Tilray Brands will post -0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group lowered their target price on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating for the company in a report on Friday, October 9th. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. 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 research note on Tuesday, July 14th. Weiss Ratings lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 23rd. Finally, TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.90.

Insider Activity

In other news, CFO Carl Merton bought 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the acquisition, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought a total of 15,000 shares of company stock valued at $69,225 in the last 90 days. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TLRY. BlackRock Inc. acquired a new stake in shares of Tilray Brands in the 2nd quarter valued at $2,073,000. Swiss National Bank lifted its position in Tilray Brands by 4.1% during the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after acquiring an additional 9,100 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 purchasing an additional 11,894 shares during the period. Dimensional Fund Advisors LP grew its position in Tilray Brands by 82.9% during the first quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after buying an additional 39,801 shares during the period. Finally, Legal & General Group Plc acquired a new stake in Tilray Brands in the second quarter valued at $381,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.