Tilray Brands (NASDAQ:TLRY) Stock Price Up 8.1% – Time to Buy?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price shot up 8.1% during mid-day trading on Friday . The company traded as high as $4.56 and last traded at $4.54. 6,278,281 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 4,310,874 shares. The stock had previously closed at $4.20.

Wall Street Analyst Weigh In

Several brokerages recently commented on TLRY. Weiss Ratings lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. TD Cowen decreased their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. Roth Capital raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Thursday, April 2nd. Finally, ATB Cormark Capital Markets dropped their price objective on 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 investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.00.

Tilray Brands Stock Performance

The stock’s 50 day moving average price is $4.69 and its 200 day moving average price is $6.27. 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 firm has a market cap of $529.14 million, a PE ratio of -4.20 and a beta of 1.89.

Tilray Brands (NASDAQ:TLRY) 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). Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%.The business had revenue of $281.71 million for the quarter, compared to analysts’ expectations of $246.30 million. As a group, equities analysts forecast that Tilray Brands, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TLRY. Tidal Investments LLC boosted its position in shares of Tilray Brands by 15.0% in the second 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 stake in shares of Tilray Brands by 281.0% in the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after buying an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tilray Brands during the 3rd quarter valued at about $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Tilray Brands during the 2nd quarter valued at about $939,000. Finally, Scientech Research LLC acquired a new position in Tilray Brands during the 3rd quarter worth approximately $1,748,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

About Tilray Brands

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.