Tilray Brands (NASDAQ:TLRY) Shares Climb 11.7% – Time to Buy?

Tilray Brands, Inc. (NASDAQ:TLRY) shot up 11.7% during trading on Wednesday. The company traded as high as $3.00 and last traded at $2.96. Approximately 11,439,515 shares changed hands during mid-day trading, an increase of 168% from the average session volume of 4,265,869 shares. The stock had previously closed at $2.65.

Analyst Ratings Changes

TLRY has been the topic of several analyst reports. ATB Cormark Capital Markets cut their target price on Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a research note on Monday, September 21st. TD Cowen decreased their target price on Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. Canaccord Genuity Group lowered their price target on Tilray Brands from $4.50 to $4.00 and set a “hold” rating for the company in a research note on Friday, October 9th. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, TD cut their price target on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.90.

Tilray Brands Trading Up 11.7%

The business has a 50 day simple moving average of $3.70 and a 200-day simple moving average of $5.44. The stock has a market capitalization of $437.46 million, a price-to-earnings ratio of -2.11 and a beta of 2.04. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.16. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. The company had revenue of $257.15 million for the quarter, compared to analyst estimates of $266.26 million. As a group, equities analysts expect that Tilray Brands, Inc. will post -0.52 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Tilray Brands during the second quarter worth $27,000. Deutsche Bank AG bought a new stake in Tilray Brands in the 2nd quarter valued at $44,000. Corient Private Wealth LP bought a new stake in Tilray Brands in the 2nd quarter valued at $53,000. Essential Partners LLC lifted its position in Tilray Brands by 110,137.5% in the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock valued at $57,000 after acquiring an additional 8,811 shares in the last quarter. Finally, Centaurus Financial Inc. acquired a new position in Tilray Brands in the 2nd quarter worth $58,000. Institutional investors own 9.35% of the company’s stock.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.