Tilray Brands (NASDAQ:TLRY) Shares Up 4.2% – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded up 4.2% during trading on Monday . The stock traded as high as $7.23 and last traded at $7.15. 5,075,251 shares were traded during trading, an increase of 77% from the average session volume of 2,860,661 shares. The stock had previously closed at $6.86.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TLRY. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Canaccord Genuity Group initiated coverage on Tilray Brands in a research report on Tuesday, January 27th. They issued a “hold” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, January 21st. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, TD Cowen cut their price objective on Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.50.

Tilray Brands Price Performance

The stock has a market cap of $833.33 million, a PE ratio of -0.52 and a beta of 2.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The stock’s 50-day moving average is $7.06 and its two-hundred day moving average is $9.67.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings results on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.The firm had revenue of $206.73 million for the quarter, compared to analyst estimates of $201.35 million. During the same quarter last year, the company earned ($0.87) earnings per share. On average, equities analysts predict that Tilray Brands, Inc. will post -0.55 earnings per share for the current year.

Hedge Funds Weigh In On Tilray Brands

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

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.