Tilray Brands (NASDAQ:TLRY) Shares Up 2.1% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares shot up 2.1% during trading on Friday . The stock traded as high as $7.30 and last traded at $7.21. 2,678,393 shares were traded during mid-day trading, a decline of 35% from the average session volume of 4,101,584 shares. The stock had previously closed at $7.06.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TLRY. Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a report on Tuesday, January 27th. They issued a “hold” rating on the stock. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, January 21st. Roth Mkm reduced their price objective on shares of Tilray Brands from $20.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 20th. Finally, Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.33.

Tilray Brands Stock Up 2.1%

The company has a quick ratio of 1.72, a current ratio of 2.81 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $8.34 and a 200 day simple moving average of $10.98. The firm has a market capitalization of $840.04 million, a P/E ratio of -0.33 and a beta of 1.96.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, January 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.12. The firm had revenue of $217.51 million during the quarter, compared to the consensus estimate of $211.15 million. Tilray Brands had a negative return on equity of 6.35% and a negative net margin of 251.69%.During the same period last year, the company earned ($0.03) earnings per share. On average, equities analysts expect that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds have recently added to or reduced their stakes in the company. Alpine Global Management LLC bought a new stake in shares of Tilray Brands in the 4th quarter worth $169,000. Voloridge Investment Management LLC bought a new position in Tilray Brands during the fourth quarter valued at approximately $824,000. Polymer Capital Management US LLC purchased a new stake in Tilray Brands in the fourth quarter worth approximately $1,058,000. Engineers Gate Manager LP purchased a new stake in Tilray Brands during the fourth quarter valued at $126,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in Tilray Brands by 4.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 144,358 shares of the company’s stock valued at $1,304,000 after acquiring an additional 6,182 shares during the period. 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.