BlackRock Inc. Acquires New Stake in Tilray Brands, Inc. $TLRY

Key Points

• BlackRock acquired 461,656 Tilray shares during the second quarter, worth approximately $2.07 million and representing about 0.40% of the company. Institutional investors collectively own 9.35% of Tilray.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an $8.00 price target. Recent recommendations ranged from “Strong Buy” to “Sell,” while TD Cowen lowered its target to $5.00.
• Tilray’s stock opened at $4.50, near its 52-week low, after the company reported a quarterly loss of $0.43 per share—well below estimates—despite revenue of $281.71 million exceeding forecasts.

BlackRock Inc. acquired a new stake in Tilray Brands, Inc. (NASDAQ:TLRY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 461,656 shares of the company's stock, valued at approximately $2,073,000. BlackRock Inc. owned approximately 0.40% of Tilray Brands as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Tidal Investments LLC raised its position in shares of Tilray Brands by 15.0% in the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock valued at $12,006,000 after buying an additional 3,776,410 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Tilray Brands by 281.0% in the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company's stock worth $8,550,000 after buying an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Tilray Brands during the third quarter worth about $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in Tilray Brands during the 2nd quarter valued at about $939,000. Finally, Scientech Research LLC purchased a new stake in Tilray Brands during the 3rd quarter valued at about $1,748,000. Institutional investors and hedge funds own 9.35% of the company's stock.

Wall Street Analysts Forecast Growth

TLRY has been the topic of a number of research reports. Weiss Ratings raised shares of Tilray Brands from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, August 24th. TD Securities upgraded Tilray Brands to a "strong-buy" rating in a research report on Friday, July 31st. Wall Street Zen cut Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Finally, TD Cowen reduced their price objective on Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $8.00.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were acquired at an average price of $4.62 per share, with a total value of $46,200.00. Following the purchase, the chief financial officer directly owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders acquired 15,000 shares of company stock valued at $69,225. Corporate insiders own 0.84% of the company's stock.

Tilray Brands Stock Down 0.7%

Shares of NASDAQ TLRY opened at $4.50 on Friday. The company has a market capitalization of $612.90 million, a P/E ratio of -4.17 and a beta of 1.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37. The company has a 50 day simple moving average of $4.46 and a 200-day simple moving average of $5.61. Tilray Brands, Inc. has a 1 year low of $3.67 and a 1 year high of $23.20.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.42). The business had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. On average, equities research analysts predict that Tilray Brands, Inc. will post -0.42 earnings per share for the current year.

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.

Want to see what other hedge funds are holding TLRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tilray Brands, Inc. (NASDAQ:TLRY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source