Tilray Brands (NASDAQ:TLRY) Shares Up 2.3% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price rose 2.3% during trading on Thursday . The stock traded as high as $7.38 and last traded at $7.22. Approximately 8,893,582 shares were traded during trading, an increase of 77% from the average daily volume of 5,030,070 shares. The stock had previously closed at $7.06.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, October 8th. Atb Cap Markets lowered shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Jefferies Financial Group raised their target price on shares of Tilray Brands from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, August 25th. Finally, Wall Street Zen raised Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.00.

Tilray Brands Stock Performance

The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $825.30 million, a P/E ratio of -0.32 and a beta of 1.76. The business’s 50 day simple moving average is $13.07 and its two-hundred day simple moving average is $9.53.

Hedge Funds Weigh In On Tilray Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Silverlake Wealth Management LLC purchased a new position in shares of Tilray Brands in the third quarter worth $25,000. Oppenheimer & Co. Inc. bought a new stake in Tilray Brands in the 3rd quarter worth about $25,000. Unified Investment Management bought a new stake in Tilray Brands in the 3rd quarter worth about $26,000. J.W. Cole Advisors Inc. raised its position in Tilray Brands by 203.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock worth $30,000 after buying an additional 48,177 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Tilray Brands during the 3rd quarter valued at about $30,000. 9.35% of the stock is owned by institutional investors.

About Tilray Brands

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.