Tilray Brands (NASDAQ:TLRY) Shares Up 3.9% - Here's Why

Key Points

• Tilray shares rose 3.9% to $2.92 on Friday, with trading volume slightly above its average.
• Analyst sentiment is mixed: the consensus rating is Hold with an average price target of $5.90, despite several firms recently lowering targets.
• Tilray reported a quarterly loss of $0.02 per share, better than the $0.18 loss analysts expected, while revenue of $257.15 million fell short of estimates.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares traded up 3.9% on Friday. The company traded as high as $2.94 and last traded at $2.92. 4,389,053 shares changed hands during trading, an increase of 2% from the average session volume of 4,284,573 shares. The stock had previously closed at $2.81.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TLRY shares. TD dropped their price objective on shares of Tilray Brands from $4.70 to $4.50 and set a "buy" rating for the company in a research note on Monday, October 5th. Canaccord Genuity Group cut their price objective on shares of Tilray Brands from $4.50 to $4.00 and set a "hold" rating for the company in a report on Friday, October 9th. ATB Cormark Capital Markets decreased their target price on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating on the stock in a research note on Monday, September 21st. TD Cowen lowered their target price on Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a report on Tuesday, July 14th. Finally, Wall Street Zen cut Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $5.90.

Tilray Brands Stock Up 3.9%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.11 and a current ratio of 1.88. The business has a 50 day simple moving average of $3.63 and a 200-day simple moving average of $5.37. The firm has a market capitalization of $431.55 million, a price-to-earnings ratio of -2.09 and a beta of 2.04.

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

Hedge Funds Weigh In On Tilray Brands

Several institutional investors and hedge funds have recently bought and sold shares of TLRY. BlackRock Inc. purchased a new stake in Tilray Brands in the second quarter valued at $2,073,000. Legal & General Group Plc acquired a new position in shares of Tilray Brands in the 2nd quarter valued at $381,000. SLT Holdings LLC acquired a new position in shares of Tilray Brands in the 3rd quarter valued at $247,000. State of Wyoming grew its holdings in shares of Tilray Brands by 114.2% during the 3rd quarter. State of Wyoming now owns 81,502 shares of the company's stock worth $306,000 after purchasing an additional 43,448 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of Tilray Brands during the 2nd quarter worth $192,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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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