Traders Purchase Large Volume of Tilray Brands Put Options (NASDAQ:TLRY)

Key Points

• Tilray Brands saw a significant spike in options trading with 42,075 put options purchased, marking a 45% increase from the average volume.
• CEO Irwin D. Simon purchased 165,000 shares of the company, increasing his stake by 4.37% to nearly 3.94 million shares valued at approximately $2.4 million.
• Despite recent acquisitions by institutional investors, analysts have mixed ratings on Tilray, with an average rating of "Hold" and a price target of $1.92.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) was the recipient of unusually large options trading on Tuesday. Traders acquired 42,075 put options on the stock. Thisisanincreaseofapproximately45% compared to the average volume of 29,091 put options.

Insider Buying and Selling at Tilray Brands

In other news, CEO Irwin D. Simon bought 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 owned 3,941,633 shares of the company's stock, valued at $2,404,396.13. This represents a 4.37% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.60% of the stock is owned by company insiders.

Institutional Trading of Tilray Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Lido Advisors LLC acquired a new stake in shares of Tilray Brands during the fourth quarter worth $28,000. Cerity Partners LLC acquired a new stake in Tilray Brands during the first quarter worth approximately $31,000. Capital Management Associates Inc increased its holdings in Tilray Brands by 100.0% in the first quarter. Capital Management Associates Inc now owns 50,760 shares of the company's stock worth $33,000 after purchasing an additional 25,380 shares in the last quarter. Fifth Lane Capital LP lifted its stake in Tilray Brands by 400.0% in the first quarter. Fifth Lane Capital LP now owns 50,000 shares of the company's stock valued at $33,000 after buying an additional 40,000 shares during the period. Finally, Zuckerman Investment Group LLC bought a new position in shares of Tilray Brands during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 9.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TLRY. Wall Street Zen downgraded Tilray Brands to a "strong sell" rating in a report on Saturday, July 5th. Roth Capital reissued a "neutral" rating on shares of Tilray Brands in a report on Monday, April 14th. Finally, Zelman & Associates restated a "neutral" rating on shares of Tilray Brands in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Tilray Brands currently has a consensus rating of "Hold" and a consensus price target of $1.92.

Tilray Brands Price Performance

Shares of NASDAQ TLRY traded up $0.02 during midday trading on Friday, reaching $0.67. 15,508,129 shares of the company were exchanged, compared to its average volume of 35,249,250. The stock's 50-day moving average price is $0.52 and its 200-day moving average price is $0.62. The stock has a market cap of $670.33 million, a P/E ratio of -0.29 and a beta of 1.85. The company has a quick ratio of 1.49, a current ratio of 2.46 and a debt-to-equity ratio of 0.20. Tilray Brands has a one year low of $0.35 and a one year high of $1.98.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.05. The firm 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 anticipate that Tilray Brands will post -0.2 earnings per share for the current fiscal year.

About Tilray Brands

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.