Tilray Brands (NASDAQ:TLRY) Stock Price Up 3.7% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded up 3.7% on Tuesday . The company traded as high as $4.29 and last traded at $4.23. Approximately 4,196,263 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 4,215,176 shares. The stock had previously closed at $4.08.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TLRY. Weiss Ratings cut Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. ATB Cormark Capital Markets reduced their price objective on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Monday. Wall Street Zen downgraded shares of Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Finally, TD Cowen dropped their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.00.

Tilray Brands Stock Performance

The firm’s fifty day moving average price is $4.38 and its 200-day moving average price is $5.27. The company has a market cap of $563.19 million, a P/E ratio of -3.83 and a beta of 1.92. The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

Tilray Brands (NASDAQ:TLRY) last released its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.42). Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. The company had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. As a group, research analysts forecast that Tilray Brands, Inc. will post -0.42 EPS for the current fiscal year.

Insider Activity at Tilray Brands

In other news, CFO Carl Merton acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were bought at an average price of $4.62 per share, with a total value of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares of the company’s stock, valued at $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders purchased 15,000 shares of company stock valued at $69,225. 0.84% of the stock is currently owned by company insiders.

Institutional Trading of Tilray Brands

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in Tilray Brands in the second quarter worth $2,073,000. Hillsdale Investment Management Inc. bought a new stake in Tilray Brands in the 4th quarter valued at $4,855,000. Hsbc Holdings PLC acquired a new position in shares of Tilray Brands in the 2nd quarter valued at $182,000. Amundi acquired a new position in shares of Tilray Brands in the 2nd quarter valued at $131,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Tilray Brands in the 2nd quarter valued at $192,000. 9.35% of the stock is currently owned by institutional investors.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.