Tilray Brands (NASDAQ:TLRY) Trading Up 8.1% – Time to Buy?

Tilray Brands, Inc. (NASDAQ:TLRY) shares rose 8.1% during mid-day trading on Friday . The company traded as high as $4.56 and last traded at $4.54. Approximately 6,278,281 shares traded hands during trading, an increase of 46% from the average session volume of 4,310,874 shares. The stock had previously closed at $4.20.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TLRY shares. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. TD Cowen cut their price objective 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. Roth Capital raised Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Thursday, April 2nd. Finally, ATB Cormark Capital Markets reduced their target price on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.00.

Tilray Brands Stock Up 8.1%

The company has a quick ratio of 1.66, a current ratio of 2.21 and a debt-to-equity ratio of 0.22. The firm has a market cap of $529.14 million, a PE ratio of -4.20 and a beta of 1.89. The firm’s 50 day moving average is $4.69 and its 200-day moving average is $6.27.

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 firm had revenue of $281.71 million for the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%. As a group, equities research analysts expect that Tilray Brands, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hilton Head Capital Partners LLC purchased a new position in Tilray Brands during the fourth quarter worth about $38,000. Essential Partners LLC boosted its stake in Tilray Brands by 110,137.5% in the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Tilray Brands in the 4th quarter valued at about $126,000. R Squared Ltd purchased a new stake in Tilray Brands in the 1st quarter valued at about $94,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Tilray Brands during the 1st quarter valued at about $96,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

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.