Tilray Brands (NASDAQ:TLRY) Trading Up 9.1% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price was up 9.1% during mid-day trading on Thursday . The company traded as high as $4.82 and last traded at $4.8350. Approximately 1,138,776 shares traded hands during trading, a decline of 73% from the average session volume of 4,236,987 shares. The stock had previously closed at $4.43.

Analyst Ratings Changes

TLRY has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. TD Cowen reduced their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 30th. ATB Cormark Capital Markets decreased their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 2nd. Wall Street Zen upgraded shares of Tilray Brands from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, 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. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.50.

Tilray Brands Stock Performance

The company has a market capitalization of $550.69 million, a P/E ratio of -0.35 and a beta of 1.89. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The business’s fifty day simple moving average is $5.40 and its 200-day simple moving average is $7.16.

Tilray Brands (NASDAQ:TLRY) last released 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). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The company had revenue of $206.73 million for the quarter, compared to the consensus estimate of $201.35 million. During the same period last year, the company earned ($0.87) EPS. As a group, equities analysts anticipate that Tilray Brands, Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction that occurred on Tuesday, April 21st. The stock was 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 is available through this hyperlink. Insiders own 0.84% of the company’s stock.

Institutional Trading of Tilray Brands

Hedge funds have recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new position in shares of Tilray Brands in the third quarter valued at $518,000. Cresset Asset Management LLC raised its stake in Tilray Brands by 72.1% during the third quarter. Cresset Asset Management LLC now owns 501,989 shares of the company’s stock valued at $868,000 after purchasing an additional 210,267 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Tilray Brands by 99,204,800.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 992,049 shares of the company’s stock valued at $1,716,000 after purchasing an additional 992,048 shares in the last quarter. Zuckerman Investment Group LLC purchased a new stake in Tilray Brands during the third quarter valued at $147,000. Finally, Hillsdale Investment Management Inc. bought a new position in Tilray Brands during the fourth quarter valued at $4,855,000. 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.