Investors Purchase Large Volume of Tilray Brands Call Options (NASDAQ:TLRY)

Key Points

• Tilray’s call-option activity surged: Investors purchased 16,801 call options, about 83% above the average daily volume of 9,188 contracts.
• Analyst sentiment remains cautious: Several firms downgraded the stock or reduced price targets, leaving Tilray with a consensus “Hold” rating and an average target price of $5.90.
• Shares remain under pressure: Tilray fell to $2.54, near its 52-week low of $2.52, while its latest quarterly results beat EPS expectations but missed revenue estimates.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock traders bought 16,801 call options on the stock. This represents an increase of approximately 83% compared to the average daily volume of 9,188 call options.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Tilray Brands from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 29th. Canaccord Genuity Group cut their price objective on Tilray Brands from $4.50 to $4.00 and set a "hold" rating for the company in a report on Friday, October 9th. Wall Street Zen cut shares of Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. ATB Cormark Capital Markets cut 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, September 21st. Finally, Weiss Ratings downgraded Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Tilray Brands presently has a consensus rating of "Hold" and an average target price of $5.90.

Tilray Brands Price Performance

Shares of NASDAQ:TLRY traded down $0.10 during trading on Friday, reaching $2.54. The stock had a trading volume of 2,418,757 shares, compared to its average volume of 4,214,762. The business's 50-day moving average price is $3.83 and its 200 day moving average price is $5.54. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11. The stock has a market capitalization of $374.64 million, a PE ratio of -1.80 and a beta of 1.91. Tilray Brands has a 52 week low of $2.52 and a 52 week high of $15.70.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.16. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. The company had revenue of $257.15 million for the quarter, compared to the consensus estimate of $266.26 million. As a group, equities analysts predict that Tilray Brands will post -0.52 earnings per share for the current year.

Insider Buying and Selling at Tilray Brands

In other news, CFO Carl Merton bought 10,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were bought at an average price 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 of the company's stock, valued at approximately $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 15,000 shares of company stock valued at $69,225 in the last quarter. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new position in Tilray Brands during the 2nd quarter worth $27,000. Essential Partners LLC boosted its holdings in Tilray Brands by 110,137.5% during the first quarter. Essential Partners LLC now owns 8,819 shares of the company's stock worth $57,000 after purchasing an additional 8,811 shares during the last quarter. Deutsche Bank AG bought a new stake in Tilray Brands in the second quarter worth about $44,000. Corient Private Wealth LP purchased a new position in shares of Tilray Brands in the second quarter worth about $53,000. Finally, Centaurus Financial Inc. purchased a new stake in Tilray Brands in the 2nd quarter worth approximately $58,000. 9.35% of the stock is owned by institutional investors.

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.

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