Tilray Brands (NASDAQ:TLRY) Shares Up 1.6% - Time to Buy?

Key Points

• Tilray Brands' stock rose 1.6% amid trading, reaching a high of $1.33, with a closing price of $1.26.
• Analysts have varying opinions on TLRY, with Jefferies increasing its price target to $2.00, while Wall Street Zen downgraded the stock to a "strong sell."
• Tilray reported earnings of $0.02 per share, exceeding expectations, but missed revenue forecasts with $224.54 million against an anticipated $250.41 million.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares shot up 1.6% during mid-day trading on Wednesday . The stock traded as high as $1.33 and last traded at $1.26. 41,667,545 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 42,789,168 shares. The stock had previously closed at $1.24.

Analysts Set New Price Targets

Several brokerages have issued reports on TLRY. Jefferies Financial Group lifted their price objective on Tilray Brands from $1.50 to $2.00 and gave the company a "buy" rating in a research report on Monday, August 25th. Wall Street Zen cut Tilray Brands to a "strong sell" rating in a research note on Saturday, July 5th. Finally, Zelman & Associates reissued a "neutral" rating on shares of Tilray Brands in a research note 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, Tilray Brands presently has a consensus rating of "Hold" and an average price target of $1.94.

Tilray Brands Price Performance

The company has a 50 day moving average price of $0.99 and a 200 day moving average price of $0.67. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -0.55 and a beta of 2.03. 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 quarterly earnings data on Monday, July 28th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $224.54 million during the quarter, compared to analysts' expectations of $250.41 million. As a group, equities research analysts forecast that Tilray Brands, Inc. will post -0.2 earnings per share for the current year.

Insider Activity at Tilray Brands

In related 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, with a total value of $100,650.00. Following the completion of the purchase, the chief executive officer directly owned 3,941,633 shares in the company, valued at approximately $2,404,396.13. This trade represents a 4.37% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC grew its stake in shares of Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock worth $12,006,000 after purchasing an additional 3,776,410 shares during the period. Ausdal Financial Partners Inc. acquired a new position in Tilray Brands in the second quarter valued at about $939,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tilray Brands by 17.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company's stock valued at $2,613,000 after acquiring an additional 286,481 shares during the period. Swiss National Bank grew its stake in Tilray Brands by 6.1% in the second quarter. Swiss National Bank now owns 1,928,138 shares of the company's stock valued at $799,000 after acquiring an additional 111,500 shares during the period. Finally, Quinn Opportunity Partners LLC grew its stake in Tilray Brands by 11.6% in the second quarter. Quinn Opportunity Partners LLC now owns 1,918,080 shares of the company's stock valued at $795,000 after acquiring an additional 200,000 shares during the period. 9.35% of the stock is owned by institutional investors and hedge funds.

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.

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