Tilray Brands (NASDAQ:TLRY) Shares Up 2.2% - What's Next?

Key Points

• Tilray shares rose 2.2% to $3.21 in mid-day trading, although trading volume was 38% below the daily average.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a $5.90 price target, with recent upgrades and several target-price cuts.
• Tilray’s latest quarterly results beat EPS expectations by $0.16, but revenue fell short of forecasts and the company reported a negative net margin and return on equity.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shot up 2.2% during mid-day trading on Thursday. The company traded as high as $3.28 and last traded at $3.21. Approximately 2,643,844 shares changed hands during trading, a decline of 38% from the average daily volume of 4,232,858 shares. The stock had previously closed at $3.14.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. TD Securities upgraded shares of Tilray Brands to a "strong-buy" rating in a research report on Friday, July 31st. TD Cowen reduced 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. Wall Street Zen cut shares of Tilray Brands from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. TD lowered their price objective on shares of Tilray Brands from $4.70 to $4.50 and set a "buy" rating on the stock in a research note on Monday, October 5th. Finally, ATB Cormark Capital Markets dropped their target price on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating on the stock in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $5.90.

Tilray Brands Stock Performance

The firm's fifty day simple moving average is $4.21 and its 200 day simple moving average is $4.94. The company has a market capitalization of $437.21 million, a price-to-earnings ratio of -2.29 and a beta of 1.91. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.16. The business had revenue of $257.15 million for the quarter, compared to analyst estimates of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. On average, sell-side analysts forecast that Tilray Brands, Inc. will post -0.46 EPS for the current year.

Insider Buying and Selling

In other Tilray Brands news, CFO Carl Merton acquired 10,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the transaction, the chief financial officer owned 139,753 shares of the company's stock, valued at $645,658.86. The trade was a 7.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders bought 15,000 shares of company stock worth $69,225. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors have recently modified their holdings of the stock. Engineers Gate Manager LP grew its stake in shares of Tilray Brands by 124.1% in the 2nd quarter. Engineers Gate Manager LP now owns 60,839 shares of the company's stock valued at $273,000 after buying an additional 33,688 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Tilray Brands during the 2nd quarter worth $27,000. Squarepoint Ops LLC acquired a new position in shares of Tilray Brands during the 2nd quarter worth $192,000. Amundi acquired a new position in shares of Tilray Brands during the 2nd quarter worth $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Tilray Brands during the 2nd quarter worth $75,000. Institutional investors and hedge funds own 9.35% of the company's stock.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.

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