Tilray Brands (NASDAQ:TLRY) Stock Jumps 1.8% – Still a Buy?

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price shot up 1.8% during trading on Tuesday. The company traded as high as $2.80 and last traded at $2.77. 2,361,853 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 4,207,810 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. TD Cowen cut their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 23rd. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. TD cut their price target on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, Zacks Research downgraded shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.90.

Tilray Brands Stock Performance

The company has a market cap of $388.69 million, a price-to-earnings ratio of -1.88 and a beta of 1.91. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11. The firm has a fifty day simple moving average of $3.88 and a 200 day simple moving average of $5.57.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.16. The business had revenue of $257.15 million during the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. On average, sell-side analysts expect that Tilray Brands, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Carl Merton bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the acquisition, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at $645,658.86. The trade was a 7.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have acquired 15,000 shares of company stock valued at $69,225. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Tilray Brands in the second quarter valued at about $2,073,000. Swiss National Bank lifted its position in shares of Tilray Brands by 4.1% during the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after purchasing an additional 9,100 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Tilray Brands by 6.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company’s stock valued at $935,000 after purchasing an additional 11,894 shares during the period. Dimensional Fund Advisors LP boosted its stake in Tilray Brands by 82.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock valued at $568,000 after purchasing an additional 39,801 shares during the period. Finally, Legal & General Group Plc bought a new stake in Tilray Brands during the 2nd quarter valued at approximately $381,000. 9.35% of the stock is currently owned by institutional investors.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.