Tilray Brands (NASDAQ:TLRY) Sees Strong Trading Volume After 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.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares saw unusually-high 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.

Other equities research analysts have also issued research reports about the company. Zelman & Associates reaffirmed a "neutral" rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Wall Street Zen lowered Tilray Brands to a "strong sell" rating in a research report on Saturday, July 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $1.94.

Insiders Place Their Bets

In other news, CEO Irwin D. Simon acquired 165,000 shares of Tilray Brands stock in a transaction on Wednesday, July 30th. The stock was bought at an average price of $0.61 per share, for a total transaction of $100,650.00. Following the completion of the purchase, 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 acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Geode Capital Management LLC lifted its stake in Tilray Brands by 20.1% in the fourth quarter. Geode Capital Management LLC now owns 2,405,911 shares of the company's stock valued at $3,200,000 after buying an additional 403,371 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Tilray Brands in the 4th quarter valued at approximately $255,000. NewEdge Advisors LLC grew its stake in shares of Tilray Brands by 92.1% in the 4th quarter. NewEdge Advisors LLC now owns 27,406 shares of the company's stock valued at $36,000 after purchasing an additional 13,136 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Tilray Brands by 54.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock valued at $2,890,000 after purchasing an additional 769,569 shares during the last quarter. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Tilray Brands by 59.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 37,009 shares of the company's stock valued at $49,000 after purchasing an additional 13,786 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company's stock.

Tilray Brands Stock Up 4.7%

The firm has a 50 day simple moving average of $0.68 and a two-hundred day simple moving average of $0.61. The company has a market capitalization of $1.60 billion, a PE ratio of -0.63 and a beta of 1.85. The company has a current ratio of 2.46, a quick ratio of 1.49 and a debt-to-equity ratio of 0.20.

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

About Tilray Brands

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.

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