Tilray Brands (NASDAQ:TLRY) Trading Up 2.8% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) was up 2.8% during mid-day trading on Tuesday . The company traded as high as $5.46 and last traded at $5.17. Approximately 4,906,853 shares traded hands during trading, an increase of 12% from the average daily volume of 4,384,852 shares. The stock had previously closed at $5.03.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TLRY shares. Zacks Research raised Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. TD Cowen lowered their price target on Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 30th. Wall Street Zen raised Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. ATB Cormark Capital Markets lowered their price target on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a report on Thursday, April 2nd. Finally, Weiss Ratings lowered Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.50.

Tilray Brands Price Performance

The stock has a fifty day simple moving average of $6.04 and a two-hundred day simple moving average of $7.61. The company has a market cap of $602.56 million, a PE ratio of -0.38 and a beta of 1.88. The company has a current ratio of 2.79, a quick ratio of 1.66 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings data on Wednesday, April 1st. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The business had revenue of $206.73 million during the quarter, compared to analysts’ expectations of $201.35 million. During the same period in the prior year, the firm posted ($0.87) EPS. On average, equities analysts predict that Tilray Brands, Inc. will post -0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of Tilray Brands stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total value of $232,878.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC boosted its stake in shares of Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after acquiring an additional 3,776,410 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Tilray Brands by 281.0% during the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after acquiring an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tilray Brands during the 3rd quarter worth approximately $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $939,000. Finally, Scientech Research LLC purchased a new stake in shares of Tilray Brands during the 3rd quarter worth approximately $1,748,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

About Tilray Brands

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray’s product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.