Tilray Brands (NASDAQ:TLRY) Shares Up 3.9% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares rose 3.9% on Tuesday. The company traded as high as $2.74 and last traded at $2.65. Approximately 5,017,895 shares changed hands during mid-day trading, an increase of 19% from the average session volume of 4,232,078 shares. The stock had previously closed at $2.55.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 23rd. Canaccord Genuity Group dropped their price objective on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a report on Friday, October 9th. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Finally, TD Cowen reduced their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Tilray Brands has an average rating of “Hold” and a consensus target price of $5.90.

Tilray Brands Stock Up 3.9%

The firm’s 50-day simple moving average is $3.74 and its 200 day simple moving average is $5.47. 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 stock has a market capitalization of $391.64 million, a P/E ratio of -1.89 and a beta of 1.91.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings data 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 company had revenue of $257.15 million during the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. As a group, research analysts expect that Tilray Brands, Inc. will post -0.52 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Tilray Brands in the second quarter valued at approximately $2,073,000. Legal & General Group Plc bought a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $381,000. Ieq Capital LLC bought a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $146,000. Deutsche Bank AG bought a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $44,000. Finally, State of Wyoming bought a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $171,000. 9.35% of the stock is owned by institutional investors and hedge funds.

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.