Tilray Brands (NASDAQ:TLRY) Stock Price Up 22.1% - Here's Why

Key Points

• Tilray Brands' stock price surged by 22.1% during mid-day trading, reaching as high as $2.32, with trading volume significantly exceeding its average by 516%.
• Wall Street analysts have mixed ratings on Tilray; while some upgraded their outlook, the overall consensus remains a "Hold" with an average price target of $1.94.
• CEO Irwin D. Simon recently purchased 165,000 shares at an average cost of $0.61, indicating a strong personal investment in the company's future.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) rose 22.1% during mid-day trading on Thursday . The company traded as high as $2.32 and last traded at $2.10. Approximately 298,053,843 shares changed hands during trading, an increase of 516% from the average daily volume of 48,364,930 shares. The stock had previously closed at $1.72.

Wall Street Analysts Forecast Growth

TLRY has been the topic of several analyst reports. Wall Street Zen lowered shares of Tilray Brands to a "strong sell" rating in a report on Saturday, July 5th. Jefferies Financial Group upped their price target on shares of Tilray Brands from $1.50 to $2.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. Zelman & Associates reiterated a "neutral" rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Tilray Brands in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $1.94.

Tilray Brands Stock Up 22.1%

The company has a market capitalization of $2.31 billion, a P/E ratio of -0.91 and a beta of 1.98. The firm's 50 day moving average price is $1.22 and its two-hundred day moving average price is $0.75. 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 released 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 company had revenue of $224.54 million during the quarter, compared to the consensus estimate of $250.41 million. Tilray Brands had a negative return on equity of 6.83% and a negative net margin of 265.69%. Equities research analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current year.

Insider Buying and Selling

In related news, CEO Irwin D. Simon acquired 165,000 shares of Tilray Brands stock in a transaction on Wednesday, July 30th. The stock was purchased at an average cost of $0.61 per share, with a total value of $100,650.00. Following the completion of the transaction, the chief executive officer directly owned 3,941,633 shares in the company, valued at $2,404,396.13. This trade represents a 4.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cerity Partners LLC bought a new position in Tilray Brands during the first quarter worth $31,000. Fifth Lane Capital LP lifted its holdings in shares of Tilray Brands by 400.0% during the first quarter. Fifth Lane Capital LP now owns 50,000 shares of the company's stock worth $33,000 after buying an additional 40,000 shares in the last quarter. Zuckerman Investment Group LLC acquired a new stake in shares of Tilray Brands during the first quarter worth $33,000. Capital Management Associates Inc lifted its holdings in shares of Tilray Brands by 100.0% during the first quarter. Capital Management Associates Inc now owns 50,760 shares of the company's stock worth $33,000 after buying an additional 25,380 shares in the last quarter. Finally, Garde Capital Inc. acquired a new stake in shares of Tilray Brands during the first quarter worth $46,000. 9.35% of the stock is owned by 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.

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