Tilray Brands, Inc. (NASDAQ:TLRY) experienced a notable increase in its share price, rising by 4.9% on Tuesday. The stock reached a high of $7.97 before closing at $7.92. During the trading session, 2,217,949 shares exchanged hands, reflecting a significant decline of 50% from the average volume of 4,402,332 shares. This uptick comes after the stock had previously closed at $7.55.
Several brokerages have recently updated their ratings for Tilray Brands, contributing to the stock’s momentum. Canaccord Genuity Group initiated coverage on January 27, 2024, assigning a “hold” rating. Meanwhile, Wall Street Zen upgraded its rating from “sell” to “hold” on January 21. Additionally, ATB Cormark Capital Markets raised its rating to “hold” from “strong sell” on December 10, and Zacks Research also moved its rating to “hold” on February 11. Currently, one analyst has issued a “buy” rating, six have assigned a “hold” rating, and one has rated the stock as a “sell.” The average rating stands at “hold,” with a consensus target price of $13.33, according to data from MarketBeat.
Recent Financial Performance
Tilray Brands reported its quarterly earnings on January 8, 2024, revealing earnings per share (EPS) of ($0.41), which fell short of the consensus estimate of ($0.14) by ($0.27). The company’s revenue for the quarter was $217.51 million, surpassing analyst expectations of $211.15 million. The firm recorded a negative return on equity of 6.35% and a troubling net margin of 251.69%. In the same quarter last year, Tilray Brands reported an EPS of ($0.03). Analysts predict that the company will post an EPS of (–0.2) for the current year.
Institutional Investor Activity
Recent activity among institutional investors has also impacted Tilray Brands. Tidal Investments LLC increased its holdings by 15.0% in the second quarter, acquiring an additional 3,776,410 shares, bringing its total to 28,971,835 shares valued at $12,006,000. Millennium Management LLC more than tripled its stake by 281.0% in the third quarter, now holding 4,942,319 shares worth $8,550,000. Other notable investments include MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., which purchased a new stake worth approximately $5,813,000, and Ausdal Financial Partners Inc., which acquired shares valued at $939,000. Currently, institutional investors and hedge funds own 9.35% of Tilray Brands.
Tilray Brands, Inc. operates as a global cannabis-lifestyle and consumer packaged goods company. It is engaged in the cultivation, production, distribution, and sale of cannabis and cannabinoid-based products. The company offers a diverse range of branded products, including medical cannabis, recreational products, and wellness offerings. Tilray aims to provide consistent and scalable products through advanced cultivation facilities, research and development, and quality control systems. Its product lineup encompasses cannabis flower, pre-rolls, oils, tinctures, vapes, edibles, and topical applications, as well as hemp-derived cannabidiol (CBD) products.
As Tilray Brands continues to navigate market dynamics and analyst sentiments, investors will be monitoring the company’s performance closely in the coming quarters.
