Tilray Brands (NASDAQ:TLRY) Trading 4.5% Higher - Should You Buy?

Key Points

• Shares rose 4.5% Wednesday to $6.75 (intraday high $6.94) on about 3.08M shares traded, roughly 16% below average session volume.
• Analysts are mixed with a consensus rating of "Hold" (3 Buy, 5 Hold, 1 Sell) and an average price target of $11.20, amid recent upgrades and trimmed targets.
• Tilray missed EPS for the quarter (reported -$0.24 vs. -$0.14 estimate) but beat revenue ($206.7M vs. $201.35M); the company remains unprofitable with a large negative net margin and analysts forecast about -0.20 EPS for the year.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) traded up 4.5% during trading on Wednesday . The company traded as high as $6.94 and last traded at $6.75. 3,075,052 shares were traded during mid-day trading, a decline of 16% from the average session volume of 3,669,190 shares. The stock had previously closed at $6.46.

Analyst Ratings Changes

TLRY has been the subject of a number of research reports. Roth Mkm upgraded shares of Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 price objective for the company in a report on Thursday, April 2nd. TD Cowen dropped their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a "buy" rating for the company in a report on Monday, March 30th. Canaccord Genuity Group initiated coverage on shares of Tilray Brands in a report on Tuesday, January 27th. They issued a "hold" rating for the company. Wall Street Zen upgraded shares of Tilray Brands from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. Finally, ATB Cormark Capital Markets dropped their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a "sector perform" rating for the company in a report on Thursday, April 2nd. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Tilray Brands currently has a consensus rating of "Hold" and an average price target of $11.20.

Tilray Brands Price Performance

The firm has a market cap of $786.42 million, a price-to-earnings ratio of -0.49 and a beta of 2.00. The business's 50-day simple moving average is $7.18 and its two-hundred day simple moving average is $10.08. The company has a current ratio of 2.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.10). The firm had revenue of $206.73 million for the quarter, compared to analyst estimates of $201.35 million. Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. During the same period in the prior year, the company posted ($0.87) EPS. As a group, research analysts expect that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Tilray Brands

Several large investors have recently modified their holdings of the stock. Tidal Investments LLC grew its position in shares of Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock worth $12,006,000 after buying an additional 3,776,410 shares during the period. Millennium Management LLC grew its position in shares of Tilray Brands by 281.0% during the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company's stock worth $8,550,000 after buying an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Tilray Brands during the 3rd quarter worth approximately $5,813,000. Ausdal Financial Partners Inc. acquired a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $939,000. Finally, Swiss National Bank grew its position in shares of Tilray Brands by 4.4% during the 3rd quarter. Swiss National Bank now owns 2,013,038 shares of the company's stock worth $3,483,000 after buying an additional 84,900 shares during the period. Institutional investors and hedge funds own 9.35% of the company's stock.

Tilray Brands Company Profile

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray's product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.

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