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

Key Points

• Tilray Brands shares opened at $1.10 after gapping up from a previous close of $1.03, with a trading volume of over 12.8 million shares.
• Wall Street analysts have mixed ratings on Tilray, with one buy, four holds, and a strong sell rating, giving an average target price of $1.92.
• Tilray's recent quarterly earnings showed a profit of $0.02 per share, beating estimates, but revenue fell short with $224.54 million reported versus expectations of $250.41 million.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $1.03, but opened at $1.10. Tilray Brands shares last traded at $1.12, with a volume of 12,842,892 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TLRY. Zelman & Associates restated a "neutral" rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Wall Street Zen cut Tilray Brands to a "strong sell" rating in a research note on Saturday, July 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Tilray Brands has an average rating of "Hold" and an average target price of $1.92.

Tilray Brands Stock Performance

The company has a 50-day simple moving average of $0.59 and a two-hundred day simple moving average of $0.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.49 and a current ratio of 2.46. The firm has a market capitalization of $1.23 billion, a P/E ratio of -0.49 and a beta of 1.85.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $224.54 million for 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%. As a group, equities analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current year.

Insider Activity

In other Tilray Brands news, CEO Irwin D. Simon bought 165,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was purchased 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 of the company's stock, valued at approximately $2,404,396.13. This trade represents a 4.37% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Tilray Brands

Hedge funds have recently added to or reduced their stakes in the company. Lido Advisors LLC purchased a new position in Tilray Brands in the 4th quarter worth approximately $28,000. J.W. Cole Advisors Inc. raised its holdings 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 worth $30,000 after acquiring an additional 48,177 shares during the last quarter. Cerity Partners LLC purchased a new stake in Tilray Brands during the 1st quarter valued at $31,000. Capital Management Associates Inc raised its stake in Tilray Brands by 100.0% during the 1st quarter. Capital Management Associates Inc now owns 50,760 shares of the company's stock valued at $33,000 after buying an additional 25,380 shares during the last quarter. Finally, Fifth Lane Capital LP raised its stake in Tilray Brands by 400.0% during the 1st quarter. Fifth Lane Capital LP now owns 50,000 shares of the company's stock valued at $33,000 after buying an additional 40,000 shares during the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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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