Tilray Brands (NASDAQ:TLRY) Stock Jumps 11.7% - Time to Buy?

Key Points

• Tilray shares rose 11.7% to $2.96, with trading volume 168% above the average.
• Analyst views are mixed, resulting in a consensus “Hold” rating and an average price target of $5.90.
• Tilray beat quarterly EPS estimates, reporting a loss of $0.02 per share versus expectations of a $0.18 loss, but revenue of $257.15 million fell short of forecasts.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price shot up 11.7% during trading on Wednesday. The company traded as high as $3.00 and last traded at $2.96. Approximately 11,439,515 shares traded hands during mid-day trading, an increase of 168% from the average daily volume of 4,265,869 shares. The stock had previously closed at $2.65.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TLRY. Zacks Research lowered shares of Tilray Brands from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 29th. TD Cowen reduced 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. Wall Street Zen downgraded Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Canaccord Genuity Group decreased their price target on Tilray Brands from $4.50 to $4.00 and set a "hold" rating on the stock in a research report on Friday, October 9th. Finally, ATB Cormark Capital Markets dropped their price target on Tilray Brands from $8.00 to $6.00 and set a "hold" rating for the company 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 given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $5.90.

Tilray Brands Trading Up 11.7%

The company has a quick ratio of 1.11, a current ratio of 1.88 and a debt-to-equity ratio of 0.17. The business's fifty day moving average is $3.70 and its two-hundred day moving average is $5.44. The firm has a market cap of $437.46 million, a price-to-earnings ratio of -2.11 and a beta of 2.04.

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

Institutional Trading of Tilray Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new position in Tilray Brands in the second quarter valued at approximately $27,000. Essential Partners LLC raised its position in shares of Tilray Brands by 110,137.5% during the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company's stock valued at $57,000 after acquiring an additional 8,811 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Tilray Brands during the 2nd quarter valued at $44,000. Corient Private Wealth LP bought a new stake in shares of Tilray Brands during the 2nd quarter valued at $53,000. Finally, Centaurus Financial Inc. bought a new stake in shares of Tilray Brands during the 2nd quarter valued at $58,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

About Tilray Brands

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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