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

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price traded up 8.1% during mid-day trading on Wednesday . The company traded as high as $4.86 and last traded at $4.83. 5,162,259 shares changed hands during mid-day trading, an increase of 20% from the average session volume of 4,302,896 shares. The stock had previously closed at $4.47.

Analyst Ratings Changes

TLRY has been the topic of a number of analyst reports. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Cowen dropped their target price 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Tilray Brands in a research note on Friday, August 7th. Finally, TD Securities upgraded Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Tilray Brands Price Performance

The business has a 50 day moving average of $4.48 and a 200 day moving average of $5.82. The company has a market cap of $659.23 million, a PE ratio of -4.48 and a beta of 1.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.42). The company had revenue of $281.71 million during the quarter, compared to the consensus estimate 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 predict that Tilray Brands, Inc. will post -0.42 EPS for the current year.

Insider Activity at Tilray Brands

In other news, CFO Carl A. Merton purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at $645,658.86. This trade represents a 7.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have bought 15,000 shares of company stock valued at $69,225. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

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

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.