Tilray Brands (NASDAQ:TLRY) Shares Climb 3.9% – What’s Next?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price shot up 3.9% during mid-day trading on Friday. The company traded as high as $2.94 and last traded at $2.92. 4,389,053 shares changed hands during 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

Several equities analysts have recently weighed in on the stock. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. TD cut their target price on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a research report on Monday, October 5th. ATB Cormark Capital Markets decreased their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, September 21st. Finally, TD Cowen dropped 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Tilray Brands currently has an average rating of “Hold” and a consensus target price of $5.90.

Tilray Brands Stock Up 3.9%

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 company has a fifty day simple moving average of $3.59 and a two-hundred day simple moving average of $5.34. The firm has a market capitalization of $431.54 million, a PE ratio of -2.09 and a beta of 2.04.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $266.26 million. Analysts forecast that Tilray Brands, Inc. will post -0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Tilray Brands during the second quarter valued at $2,073,000. Legal & General Group Plc purchased a new stake in shares of Tilray Brands during the second quarter worth about $381,000. SLT Holdings LLC purchased a new stake in shares of Tilray Brands during the third quarter worth about $247,000. State of Wyoming increased its stake in shares of Tilray Brands by 114.2% during the third quarter. State of Wyoming now owns 81,502 shares of the company’s stock worth $306,000 after purchasing an additional 43,448 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Tilray Brands during the second quarter worth about $192,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

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.