Tilray Brands (NASDAQ:TLRY) Stock Price Up 1.6% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price rose 1.6% on Thursday . The company traded as high as $5.28 and last traded at $5.19. Approximately 2,969,162 shares traded hands during trading, a decline of 32% from the average daily volume of 4,352,233 shares. The stock had previously closed at $5.11.

Analysts Set New Price Targets

TLRY has been the topic of a number of analyst reports. Roth Mkm raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a report on Thursday, April 2nd. Weiss Ratings lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Wall Street Zen raised shares of Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. ATB Cormark Capital Markets decreased their target price on shares of 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, TD Cowen decreased their target price on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 30th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.50.

Tilray Brands Price Performance

The firm’s 50-day moving average is $6.14 and its 200-day moving average is $7.73. The company has a market capitalization of $604.89 million, a PE ratio of -0.38 and a beta of 1.88. The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY) last announced 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). Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.The company had revenue of $206.73 million during the quarter, compared to analysts’ expectations of $201.35 million. During the same quarter last year, the firm posted ($0.87) earnings per share. Equities analysts predict that Tilray Brands, Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Transactions at Tilray Brands

In related news, Director David G. Hopkinson sold 33,556 shares of the company’s stock in a transaction on Tuesday, April 21st. The shares were 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 can be accessed through the SEC website. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL purchased a new position in Tilray Brands in the third quarter worth $518,000. Optiver Holding B.V. grew its holdings in shares of Tilray Brands by 239.4% during the 3rd quarter. Optiver Holding B.V. now owns 224,049 shares of the company’s stock valued at $388,000 after purchasing an additional 158,041 shares during the last quarter. Cresset Asset Management LLC raised its position in Tilray Brands by 72.1% in the 3rd quarter. Cresset Asset Management LLC now owns 501,989 shares of the company’s stock worth $868,000 after purchasing an additional 210,267 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in Tilray Brands by 99,204,800.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 992,049 shares of the company’s stock worth $1,716,000 after purchasing an additional 992,048 shares during the last quarter. Finally, Zuckerman Investment Group LLC bought a new stake in Tilray Brands in the third quarter worth $147,000. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.