Shares of Tilray Brands, Inc. (NASDAQ:TLRY – Get Free Report) shot up 1.5% during mid-day trading on Friday. The company traded as high as $4.16 and last traded at $4.13. 2,046,960 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 4,184,878 shares. The stock had previously closed at $4.07.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the stock. TD Cowen lowered their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. ATB Cormark Capital Markets dropped their price objective on Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday. Weiss Ratings cut Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. Finally, Wall Street Zen lowered Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Tilray Brands presently has a consensus rating of “Hold” and an average target price of $7.00.
Get Our Latest Research Report on TLRY
Tilray Brands Stock Performance
Tilray Brands (NASDAQ:TLRY – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.42). The business had revenue of $281.71 million for the quarter, compared to the consensus estimate of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. Equities analysts forecast that Tilray Brands, Inc. will post -0.42 EPS for the current year.
Insider Buying and Selling
In other news, CFO Carl Merton purchased 10,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were purchased at an average cost of $4.62 per share, with a total value of $46,200.00. Following the completion of the acquisition, the chief financial officer owned 139,753 shares in the company, valued at $645,658.86. This represents a 7.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought 15,000 shares of company stock worth $69,225 over the last quarter. 0.84% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of TLRY. BlackRock Inc. bought a new stake in Tilray Brands during the 2nd quarter valued at $2,073,000. Hillsdale Investment Management Inc. acquired a new position in shares of Tilray Brands during the 4th quarter valued at about $4,855,000. Ieq Capital LLC purchased a new stake in Tilray Brands in the second quarter valued at $146,000. State of Wyoming purchased a new stake in shares of Tilray Brands in the 2nd quarter valued at $171,000. Finally, Essential Partners LLC raised its holdings in Tilray Brands by 110,137.5% in the first 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 in the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.
About Tilray Brands
Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.
Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.
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