Tilray Brands (NASDAQ:TLRY) Trading Up 12.4% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shot up 12.4% during mid-day trading on Tuesday . The stock traded as high as $8.18 and last traded at $8.09. 8,581,042 shares traded hands during mid-day trading, an increase of 70% from the average session volume of 5,055,314 shares. The stock had previously closed at $7.20.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TLRY. Jefferies Financial Group raised their price objective on Tilray Brands from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Wall Street Zen raised Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Atb Cap Markets cut Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.00.

Tilray Brands Trading Up 12.4%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62. The stock has a market capitalization of $908.39 million, a PE ratio of -0.36 and a beta of 1.76. The business’s 50-day moving average is $12.85 and its two-hundred day moving average is $9.62.

Institutional Investors Weigh In On Tilray Brands

Hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its position in 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 purchasing an additional 3,776,410 shares during the period. Millennium Management LLC lifted its holdings in shares of Tilray Brands by 281.0% in the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after buying an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tilray Brands in the third quarter valued at approximately $5,813,000. Ausdal Financial Partners Inc. acquired a new position in Tilray Brands during the second quarter worth $939,000. Finally, Scientech Research LLC purchased a new position in Tilray Brands in the third quarter worth $1,748,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.