Tilray Brands (NASDAQ:TLRY) Shares Up 11.7% – Still a Buy?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price rose 11.7% on Wednesday. The stock traded as high as $3.00 and last traded at $2.96. 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.

Wall Street Analysts Forecast Growth

TLRY has been the subject of several research reports. TD Cowen dropped their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. ATB Cormark Capital Markets decreased their price objective on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, September 21st. TD Securities raised Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 23rd. Finally, TD dropped their price objective on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a research note on Monday, October 5th. One research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.90.

Tilray Brands Stock Performance

The firm’s 50-day simple moving average is $3.59 and its 200 day simple moving average is $5.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.11 and a current ratio of 1.88.

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

Hedge Funds Weigh In On Tilray Brands

A number of institutional investors have recently made changes to their positions in the stock. Pictet Asset Management Holding SA raised its holdings in Tilray Brands by 38.9% in the first quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company’s stock valued at $119,000 after acquiring an additional 5,145 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Tilray Brands during the second quarter valued at $27,000. Baader Bank Aktiengesellschaft boosted 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 valued at $293,000 after purchasing an additional 7,226 shares during the period. Essential Partners LLC increased 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 during the period. Finally, Swiss National Bank lifted its holdings in Tilray Brands by 4.1% in the first quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after purchasing an additional 9,100 shares during the period. 9.35% of the stock is owned by institutional investors and hedge funds.

Tilray Brands Company Profile

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.