Tilray Brands (NASDAQ:TLRY) Trading 3.8% Higher – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded up 3.8% on Wednesday . The stock traded as high as $5.48 and last traded at $5.41. 2,621,521 shares were traded during mid-day trading, a decline of 41% from the average session volume of 4,474,375 shares. The stock had previously closed at $5.21.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. ATB Cormark Capital Markets decreased their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 2nd. TD Cowen decreased their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. Roth Mkm upgraded shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research report on Thursday, April 2nd. Weiss Ratings cut shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. Finally, Canaccord Genuity Group assumed coverage on Tilray Brands in a research note on Tuesday, January 27th. They issued a “hold” rating for the company. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Tilray Brands currently has an average rating of “Hold” and a consensus price target of $11.50.

Tilray Brands Stock Performance

The firm has a market cap of $630.53 million, a PE ratio of -0.40 and a beta of 1.94. The company has a 50 day simple moving average of $6.46 and a 200-day simple moving average of $8.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.10). The firm had revenue of $206.73 million during the quarter, compared to analysts’ expectations of $201.35 million. Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.During the same period in the prior year, the company earned ($0.87) EPS. As a group, equities research analysts anticipate that Tilray Brands, Inc. will post -0.58 EPS for the current year.

Insider Transactions at Tilray Brands

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the company’s 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 Securities & Exchange Commission, which is available at this link. 0.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Tilray Brands

A number of institutional investors have recently made changes to their positions in TLRY. AQR Capital Management LLC boosted its stake in shares of Tilray Brands by 1,839.7% during the first quarter. AQR Capital Management LLC now owns 607,054 shares of the company’s stock valued at $399,000 after purchasing an additional 575,757 shares during the period. XTX Topco Ltd purchased a new stake in shares of Tilray Brands during the second quarter valued at approximately $112,000. Cerity Partners LLC boosted its stake in shares of Tilray Brands by 98.5% during the second quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock valued at $38,000 after purchasing an additional 45,929 shares during the period. Ausdal Financial Partners Inc. purchased a new stake in shares of Tilray Brands during the second quarter valued at approximately $939,000. Finally, Bank of America Corp DE boosted its stake in shares of Tilray Brands by 26.5% during the second quarter. Bank of America Corp DE now owns 311,810 shares of the company’s stock valued at $129,000 after purchasing an additional 65,379 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

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.