Tilray Brands Sees Unusually Large Options Volume (NASDAQ:TLRY)

Key Points

• Tilray saw unusually heavy bullish options activity: Traders bought 23,521 call options, 82% above the typical volume of 12,938 contracts.
• Institutional ownership remains limited at 9.35%, although several investors increased or initiated positions, including Millennium Management, which raised its stake by 281%.
• Analyst sentiment is mixed: Tilray has an average “Hold” rating and an $11 target price, while the stock recently rose 8% to $4.54 despite reporting a much larger-than-expected quarterly loss.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) saw some unusual options trading on Friday. Stock traders bought 23,521 call options on the company. This represents an increase of 82% compared to the typical volume of 12,938 call options.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TLRY. Tidal Investments LLC grew its position in Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock valued at $12,006,000 after acquiring an additional 3,776,410 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Tilray Brands by 281.0% in the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company's stock valued at $8,550,000 after purchasing an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Tilray Brands in the third quarter valued at approximately $5,813,000. Ausdal Financial Partners Inc. acquired a new stake in shares of Tilray Brands in the second quarter valued at approximately $939,000. Finally, Scientech Research LLC purchased a new position in shares of Tilray Brands during the third quarter worth approximately $1,748,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Weiss Ratings downgraded shares of Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, May 13th. TD Cowen cut their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a "buy" rating for the company in a report on Tuesday, July 14th. ATB Cormark Capital Markets decreased their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a "sector perform" rating on the stock in a report on Thursday, April 2nd. Finally, Roth Capital raised shares of Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 target price on the stock in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Tilray Brands presently has an average rating of "Hold" and an average target price of $11.00.

Tilray Brands Trading Up 8.0%

NASDAQ TLRY traded up $0.34 during trading hours on Friday, reaching $4.54. The company had a trading volume of 4,748,386 shares, compared to its average volume of 4,302,036. The stock has a 50-day moving average of $4.69 and a 200 day moving average of $6.27. Tilray Brands has a 1-year low of $3.67 and a 1-year high of $23.20. The company has a current ratio of 2.21, a quick ratio of 1.66 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $528.55 million, a P/E ratio of -4.20 and a beta of 1.89.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.42). The company had revenue of $281.71 million for the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. As a group, research analysts anticipate that Tilray Brands will post -0.34 earnings per share for the current fiscal year.

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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