Tilray Brands (NASDAQ:TLRY) Shares Up 3% - Here's What Happened

Key Points

• Tilray shares rose 3% to $3.72 in mid-day trading, with volume slightly above the average session level.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $6.38 target price, while several firms recently lowered their price targets.
• Tilray’s latest quarterly results showed a significant EPS miss at $(0.43) versus $(0.01) expected, although revenue of $281.71 million exceeded forecasts.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares were up 3% during mid-day trading on Monday. The company traded as high as $3.79 and last traded at $3.72. Approximately 4,305,504 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 4,214,247 shares. The stock had previously closed at $3.61.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TLRY shares. Wall Street Zen downgraded shares of Tilray Brands from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. ATB Cormark Capital Markets dropped their price target on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating for the company in a research note on Monday, September 21st. TD Cowen cut their price target on shares of Tilray Brands from $7.00 to $5.00 and set a "buy" rating for the company in a report on Tuesday, July 14th. TD reduced their price target on shares of Tilray Brands from $4.70 to $4.50 and set a "buy" rating on the stock in a research report on Monday. Finally, Weiss Ratings lowered shares of Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, September 21st. One investment 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. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $6.38.

Tilray Brands Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21. The stock's 50-day moving average is $4.33 and its two-hundred day moving average is $5.11. The stock has a market cap of $506.66 million, a PE ratio of -3.44 and a beta of 1.91.

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

Insider Activity

In other news, CFO Carl Merton acquired 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares of the company's stock, valued at $645,658.86. This represents a 7.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders acquired 15,000 shares of company stock valued at $69,225. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tilray Brands

Several institutional investors have recently bought and sold shares of TLRY. BlackRock Inc. purchased a new position in shares of Tilray Brands in the second quarter valued at approximately $2,073,000. Legal & General Group Plc purchased a new stake in Tilray Brands during the 2nd quarter worth approximately $381,000. Squarepoint Ops LLC purchased a new stake in Tilray Brands during the 2nd quarter worth approximately $192,000. Jupiter Topco LLC acquired a new stake in Tilray Brands during the 2nd quarter worth approximately $188,000. Finally, Hsbc Holdings PLC acquired a new stake in Tilray Brands during the 2nd quarter worth approximately $182,000. 9.35% of the stock is owned by institutional investors and hedge funds.

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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