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

Tilray Brands, Inc. (NASDAQ:TLRY) shares shot up 3.9% during mid-day trading on Friday. The stock traded as high as $2.94 and last traded at $2.92. Approximately 4,389,053 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 4,284,573 shares. The stock had previously closed at $2.81.

Analysts Set New Price Targets

A number of research firms have commented on TLRY. Canaccord Genuity Group decreased their target price on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a research report on Friday, October 9th. ATB Cormark Capital Markets dropped their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, September 21st. TD Cowen reduced their price target 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 shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Finally, Zacks Research lowered shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.90.

Tilray Brands Stock Up 3.9%

The business has a 50 day simple moving average of $3.63 and a 200 day simple moving average of $5.37. The company has a market capitalization of $431.55 million, a price-to-earnings ratio of -2.09 and a beta of 2.04. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $266.26 million. As a group, equities analysts predict that Tilray Brands, Inc. will post -0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

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

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.