Stock Traders Buy Large Volume of Tilray Brands Call Options (NASDAQ:TLRY)

Tilray Brands, Inc. (NASDAQ:TLRY) saw unusually large options trading on Friday. Investors purchased 19,200 call options on the stock. This represents an increase of 50% compared to the average daily volume of 12,763 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TLRY shares. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. ATB Cormark Capital Markets decreased their price objective on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. Finally, TD Cowen decreased their price objective on Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $11.50.

Tilray Brands Stock Down 5.0%

NASDAQ TLRY traded down $0.26 during trading hours on Friday, hitting $4.93. 4,324,322 shares of the company traded hands, compared to its average volume of 4,339,059. The business’s 50-day moving average is $6.11 and its 200-day moving average is $7.69. Tilray Brands has a twelve month low of $3.51 and a twelve month high of $23.20. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The stock has a market capitalization of $574.47 million, a price-to-earnings ratio of -0.36 and a beta of 1.88.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 company had revenue of $206.73 million for the quarter, compared to analyst estimates of $201.35 million. During the same period last year, the company posted ($0.87) earnings per share. Sell-side analysts anticipate that Tilray Brands will post -0.58 earnings per share for the current year.

Insider Activity

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction dated 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.84% of the stock is owned by company insiders.

Institutional Trading of Tilray Brands

Hedge funds have recently made changes to their positions in the business. Hilton Head Capital Partners LLC acquired a new position in Tilray Brands during the 4th quarter worth approximately $38,000. Pictet Asset Management Holding SA raised its stake in Tilray Brands by 38.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company’s stock worth $119,000 after buying an additional 5,145 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in Tilray Brands by 4.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 144,358 shares of the company’s stock worth $1,304,000 after buying an additional 6,182 shares during the period. Baader Bank Aktiengesellschaft raised its stake in Tilray Brands by 17.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock worth $293,000 after buying an additional 7,226 shares during the period. Finally, IFP Advisors Inc raised its stake in Tilray Brands by 14.3% during the 4th quarter. IFP Advisors Inc now owns 60,318 shares of the company’s stock worth $545,000 after buying an additional 7,541 shares during the period. 9.35% of the stock is owned by institutional investors and hedge funds.

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.