Tilray Brands (NASDAQ:TLRY) Trading Up 3% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price traded up 3% on Monday . The company traded as high as $4.24 and last traded at $4.14. 4,365,796 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 4,239,479 shares. The stock had previously closed at $4.02.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. TD Cowen lowered their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. TD Securities raised Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings raised shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Tilray Brands Stock Performance

The company has a quick ratio of 1.37, a current ratio of 2.21 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average price of $4.42 and a two-hundred day moving average price of $5.42. The firm has a market cap of $543.44 million, a PE ratio of -3.69 and a beta of 1.92.

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

Insider Activity

In other news, CFO Carl Merton acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders acquired 15,000 shares of company stock valued at $69,225. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds have recently made changes to their positions in TLRY. BlackRock Inc. acquired a new position in shares of Tilray Brands during the second quarter worth about $2,073,000. Hillsdale Investment Management Inc. acquired a new stake in Tilray Brands in the fourth quarter valued at $4,855,000. IFP Advisors Inc increased its holdings in shares of Tilray Brands by 14.3% in the 4th quarter. IFP Advisors Inc now owns 60,318 shares of the company’s stock valued at $545,000 after purchasing an additional 7,541 shares in the last quarter. State of Wyoming purchased a new position in Tilray Brands in the 2nd quarter valued at approximately $171,000. Finally, Essential Partners LLC increased its holdings in Tilray Brands by 110,137.5% during the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock valued at $57,000 after acquiring an additional 8,811 shares in the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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.