Tilray Brands (NASDAQ:TLRY) Trading Up 13.6% - Here's What Happened

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares were up 13.6% on Tuesday . The company traded as high as $0.58 and last traded at $0.57. Approximately 28,676,762 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 30,070,559 shares. The stock had previously closed at $0.50.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TLRY. Roth Capital reiterated a "neutral" rating on shares of Tilray Brands in a research note on Monday, April 14th. Piper Sandler cut their target price on Tilray Brands from $2.00 to $1.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Finally, Wall Street Zen downgraded Tilray Brands to a "strong sell" rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $1.92.

Tilray Brands Stock Up 17.3%

The company has a current ratio of 2.62, a quick ratio of 1.61 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $594.14 million, a P/E ratio of -0.56 and a beta of 1.82. The stock's 50-day simple moving average is $0.44 and its 200-day simple moving average is $0.72.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced its earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). The business had revenue of $185.78 million during the quarter, compared to analysts' expectations of $213.38 million. Tilray Brands had a negative return on equity of 7.40% and a negative net margin of 113.85%. As a group, research analysts predict that Tilray Brands, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its position in Tilray Brands by 125.7% in the fourth quarter. Jones Financial Companies Lllp now owns 31,725 shares of the company's stock worth $42,000 after acquiring an additional 17,670 shares during the period. Arizona State Retirement System increased its stake in shares of Tilray Brands by 9.9% during the 4th quarter. Arizona State Retirement System now owns 261,233 shares of the company's stock worth $347,000 after purchasing an additional 23,439 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Tilray Brands during the 4th quarter worth approximately $255,000. Marathon Trading Investment Management LLC raised its holdings in shares of Tilray Brands by 439.0% in the 4th quarter. Marathon Trading Investment Management LLC now owns 240,400 shares of the company's stock worth $320,000 after purchasing an additional 195,800 shares during the period. Finally, Avantax Advisory Services Inc. lifted its stake in Tilray Brands by 23.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 121,854 shares of the company's stock valued at $162,000 after purchasing an additional 22,838 shares during the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.