Tilray Brands (NASDAQ:TLRY) Stock Price Up 1.1% – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) shot up 1.1% during trading on Friday. The company traded as high as $3.65 and last traded at $3.61. Approximately 4,069,659 shares traded hands during trading, a decline of 3% from the average session volume of 4,213,422 shares. The stock had previously closed at $3.57.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TLRY. ATB Cormark Capital Markets dropped their price objective on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, September 21st. Wall Street Zen downgraded shares of Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Zacks Research lowered shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. Finally, TD Cowen cut their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.00.

Tilray Brands Stock Up 1.1%

The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $491.68 million, a P/E ratio of -3.34 and a beta of 1.91. The firm has a 50-day simple moving average of $4.34 and a two-hundred day simple moving average of $5.14.

Tilray Brands (NASDAQ:TLRY) last announced its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.42). The business had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. Equities research analysts expect that Tilray Brands, Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tilray Brands news, CFO Carl Merton acquired 10,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the purchase, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought 15,000 shares of company stock worth $69,225 over the last 90 days. 0.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP boosted its stake in shares of Tilray Brands by 124.1% in the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company’s stock valued at $273,000 after buying an additional 33,688 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Tilray Brands during the second quarter worth approximately $27,000. Squarepoint Ops LLC bought a new position in Tilray Brands during the 2nd quarter worth $192,000. Amundi acquired a new position in Tilray Brands in the 2nd quarter valued at $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Tilray Brands in the 2nd quarter valued at $75,000. 9.35% of the stock is owned by institutional investors.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.