Tilray Brands (NASDAQ:TLRY) Sees Strong Trading Volume on Analyst Upgrade

Key Points

• Tilray Brands experienced a significant increase in trading volume, with over 55 million shares traded after Jefferies Financial Group raised its price target from $1.50 to $2.00 and rated the stock as a buy.
• CEO Irwin D. Simon purchased 165,000 shares of Tilray at an average price of $0.61, increasing his ownership in the company by 4.37%.
• Research analysts have mixed opinions on Tilray, with two analysts giving it a buy rating, four a hold, and most projecting a negative outlook for the current year's earnings.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) saw unusually-strong trading volume on Tuesday after Jefferies Financial Group raised their price target on the stock from $1.50 to $2.00. Jefferies Financial Group currently has a buy rating on the stock. Approximately 55,297,362 shares were traded during trading, an increase of 33% from the previous session's volume of 41,560,102 shares.The stock last traded at $1.47 and had previously closed at $1.39.

Several other research analysts have also weighed in on the company. Wall Street Zen lowered Tilray Brands to a "strong sell" rating in a report on Saturday, July 5th. Zelman & Associates reiterated a "neutral" rating on shares of Tilray Brands in a report on Tuesday, July 29th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $1.94.

Insider Buying and Selling at Tilray Brands

In other news, CEO Irwin D. Simon acquired 165,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was acquired at an average cost of $0.61 per share, for a total transaction of $100,650.00. Following the completion of the acquisition, the chief executive officer owned 3,941,633 shares in the company, valued at $2,404,396.13. This represents a 4.37% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tilray Brands

A number of large investors have recently bought and sold shares of TLRY. Lido Advisors LLC acquired a new stake in shares of Tilray Brands in the fourth quarter valued at approximately $28,000. J.W. Cole Advisors Inc. increased its stake in Tilray Brands by 203.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company's stock valued at $30,000 after buying an additional 48,177 shares during the last quarter. Cerity Partners LLC bought a new stake in Tilray Brands during the 1st quarter worth about $31,000. Capital Management Associates Inc boosted its stake in shares of Tilray Brands by 100.0% during the 1st quarter. Capital Management Associates Inc now owns 50,760 shares of the company's stock worth $33,000 after buying an additional 25,380 shares during the last quarter. Finally, Fifth Lane Capital LP grew its holdings in shares of Tilray Brands by 400.0% in the 1st quarter. Fifth Lane Capital LP now owns 50,000 shares of the company's stock valued at $33,000 after acquiring an additional 40,000 shares in the last quarter. Institutional investors and hedge funds own 9.35% of the company's stock.

Tilray Brands Trading Down 6.1%

The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -0.60 and a beta of 1.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.46 and a quick ratio of 1.49. The business has a 50-day moving average of $0.76 and a 200-day moving average of $0.63.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.05. The firm had revenue of $224.54 million during the quarter, compared to analysts' expectations of $250.41 million. Tilray Brands had a negative return on equity of 6.83% and a negative net margin of 265.69%. Research analysts anticipate that Tilray Brands, Inc. will post -0.2 EPS for the current year.

Tilray Brands Company Profile

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.