Tilray Brands (NASDAQ:TLRY) Shares Up 4.9% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price shot up 4.9% on Tuesday . The stock traded as high as $7.97 and last traded at $7.92. 2,217,949 shares were traded during trading, a decline of 50% from the average session volume of 4,402,332 shares. The stock had previously closed at $7.55.

Analysts Set New Price Targets

A number of brokerages have recently commented on TLRY. Canaccord Genuity Group began coverage on Tilray Brands in a report on Tuesday, January 27th. They set a “hold” rating on the stock. Wall Street Zen raised shares of Tilray Brands from a “sell” rating to a “hold” rating in a report on Sunday. ATB Cormark Capital Markets raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 10th. Zacks Research upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.33.

Tilray Brands Price Performance

The firm has a market capitalization of $922.74 million, a P/E ratio of -0.36 and a beta of 2.02. The business’s fifty day moving average is $8.95 and its 200 day moving average is $11.12. The company has a current ratio of 2.81, a quick ratio of 1.72 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings results on Thursday, January 8th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.27). The business had revenue of $217.51 million during the quarter, compared to analyst estimates 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 quarter last year, the firm posted ($0.03) EPS. As a group, analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors have recently bought and sold shares of TLRY. Tidal Investments LLC boosted its holdings in shares of Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after purchasing an additional 3,776,410 shares during the period. Millennium Management LLC increased its stake in Tilray Brands by 281.0% in the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after buying an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Tilray Brands in the 3rd quarter worth approximately $5,813,000. Ausdal Financial Partners Inc. acquired a new stake in shares of Tilray Brands during the 2nd quarter valued at $939,000. Finally, Swiss National Bank boosted its stake in shares of Tilray Brands by 4.4% during the 3rd quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock valued at $3,483,000 after buying an additional 84,900 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.