Tilray Brands (NASDAQ:TLRY) Sees Large Volume Increase - Still a Buy?

Key Points

• Trading volume surged as ~10,231,607 Tilray shares traded mid-day (a 184% increase from the prior session) and the stock rose to $7.624 from a $6.89 close, signaling heightened market interest.
• Analyst coverage is mixed with a consensus rating of Hold and a $11.50 average target; three analysts rate it Buy, four Hold and one Sell, with recent moves including upgrades (Roth MKM) and a lowered price target (ATB Cormark).
• Tilray remains unprofitable—quarterly EPS was ($0.24) versus estimates of ($0.14) and the company reported a negative net margin of 156.51%—though liquidity ratios (quick ratio 1.66, current ratio 2.79) and low debt (debt/equity 0.19) provide some balance.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 10,231,607 shares traded hands during mid-day trading, an increase of 184% from the previous session's volume of 3,597,245 shares.The stock last traded at $7.6240 and had previously closed at $6.89.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TLRY shares. Wall Street Zen raised Tilray Brands from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. Canaccord Genuity Group started coverage on Tilray Brands in a report on Tuesday, January 27th. They issued a "hold" rating for the company. Roth Mkm raised Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 price target for the company in a report on Thursday, April 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tilray Brands in a report on Wednesday, January 21st. Finally, ATB Cormark Capital Markets cut their price target on Tilray Brands from $9.50 to $9.00 and set a "sector perform" rating for the company in a report on Thursday, April 2nd. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $11.50.

Tilray Brands Price Performance

The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The company has a market cap of $899.53 million, a PE ratio of -0.56 and a beta of 2.00. The stock has a 50-day simple moving average of $7.03 and a 200 day simple moving average of $9.54.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its earnings results on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.10). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The business had revenue of $206.73 million during the quarter, compared to analysts' expectations of $201.35 million. During the same quarter in the prior year, the firm earned ($0.87) EPS. Equities analysts expect that Tilray Brands, Inc. will post -0.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pictet Asset Management Holding SA boosted its position in shares of Tilray Brands by 38.9% during the first quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company's stock worth $119,000 after buying an additional 5,145 shares during the period. Alpine Global Management LLC purchased a new position in shares of Tilray Brands during the fourth quarter worth $169,000. Voloridge Investment Management LLC purchased a new position in shares of Tilray Brands during the fourth quarter worth $824,000. Polymer Capital Management US LLC purchased a new position in shares of Tilray Brands during the fourth quarter worth $1,058,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Tilray Brands during the fourth quarter worth $126,000. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

About Tilray Brands

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray's product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.

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