Tilray Brands (NASDAQ:TLRY) Shares Up 17.3% - Here's Why

Key Points

• Tilray Brands' stock price surged 17.3% to $1.12, with trading volume significantly exceeding average levels at 60 million shares.
• Recent analyst reports provided mixed ratings for Tilray, with one downgrade to "strong sell" and a consensus target price of $1.92, indicating caution among investors.
• CEO Irwin D. Simon bought 165,000 shares at $0.61 each, indicating confidence in the company's future despite the overall market volatility.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price rose 17.3% during trading on Wednesday . The company traded as high as $1.10 and last traded at $1.12. Approximately 60,006,911 shares were traded during mid-day trading, an increase of 55% from the average daily volume of 38,643,164 shares. The stock had previously closed at $0.95.

Wall Street Analysts Forecast Growth

TLRY has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Tilray Brands to a "strong sell" rating in a research note on Saturday, July 5th. Zelman & Associates restated a "neutral" rating on shares of Tilray Brands in a research note on Tuesday, July 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $1.92.

Tilray Brands Trading Up 31.5%

The stock's fifty day simple moving average is $0.55 and its 200-day simple moving average is $0.61. 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 firm has a market cap of $1.38 billion, a PE ratio of -0.54 and a beta of 1.85.

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, beating the consensus estimate of ($0.03) by $0.05. The business had revenue of $224.54 million during the quarter, compared to analysts' expectations of $250.41 million. Tilray Brands had a negative net margin of 265.69% and a negative return on equity of 6.83%. On average, sell-side analysts forecast that Tilray Brands, Inc. will post -0.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Irwin D. Simon purchased 165,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was bought at an average cost of $0.61 per share, with a total value 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 $2,404,396.13. The trade was a 4.37% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

Several institutional investors have recently made changes to their positions in TLRY. Lido Advisors LLC acquired a new stake in Tilray Brands during the fourth quarter valued at $28,000. NewEdge Advisors LLC boosted its stake in shares of Tilray Brands by 92.1% during the 4th quarter. NewEdge Advisors LLC now owns 27,406 shares of the company's stock worth $36,000 after acquiring an additional 13,136 shares in the last quarter. Bank of Nova Scotia acquired a new stake in shares of Tilray Brands during the 4th quarter valued at about $41,000. Zacks Investment Management purchased a new position in shares of Tilray Brands in the 4th quarter valued at about $41,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Tilray Brands by 55.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 31,875 shares of the company's stock valued at $42,000 after purchasing an additional 11,325 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.