Tilray Brands, Inc. experienced a notable surge in its share price, rising by 13.1% during trading on Thursday. The stock reached a high of C$21.57 before settling at C$20.17. This increase is significant, especially considering that approximately 837,606 shares changed hands, marking an impressive 163% increase from the average daily trading volume of 319,077 shares. The stock had previously closed at C$17.83.
Positive Analyst Sentiment Drives Price Increase
The rise in Tilray’s stock price can be linked to updated forecasts from Wall Street analysts. In a research report released on Friday, Sanford C. Bernstein raised its target price for Tilray shares from C$13.00 to C$13.60. This optimistic outlook reflects growing confidence in the company’s future performance and the broader cannabis market.
Tilray Brands, based in Canada, operates as a significant player in the cultivation and sale of both medical and recreational cannabis. The company emerged as a result of the reverse merger between legacy Aphria and Tilray in 2021, subsequently adopting the Tilray name. Most of its sales occur within Canada and in the international medical cannabis export market. In the United States, Tilray’s exposure primarily comes from its CBD products through Manitoba Harvest and its beer offerings via SweetWater.
As the company continues to navigate the evolving landscape of the cannabis industry, investor interest remains strong, particularly following this recent price jump. Analysts and investors alike will be closely monitoring Tilray’s performance in the coming quarters, especially with the potential for further market expansion and product diversification.
With the cannabis market continuing to grow, Tilray Brands is positioned to capitalize on emerging opportunities, making it a company to watch in the future.
