Tilray Shares Rise 1.6% Amid Mixed Analyst Ratings
Tilray Brands, Inc. (NASDAQ: TLRY) saw its stock price rise by 1.6% on Tuesday, reaching a high of $3.84 before closing at $3.78. The trading volume was 3,601,981 shares, down 14% from its average daily volume. The stock had previously closed at $3.72.
Recent analyst actions have been mixed. TD Securities upgraded Tilray to a "strong-buy" rating in late July, while Zacks Research and Wall Street Zen downgraded it to "strong sell" and "sell" ratings, respectively. ATB Cormark Capital Markets lowered its target price from $8.00 to $6.00, and Weiss Ratings downgraded the stock from a "sell (d-)" to a "sell (e+)" rating. Overall, analysts have given TLRY an average rating of "Hold" with a consensus price target of $6.38.
Tilray reported its quarterly earnings on July 28th, missing estimates with a loss of $0.43 per share, compared to the expected ($0.01). Despite this, the company reported revenue of $281.71 million, exceeding analyst estimates of $246.30 million. Insider activity includes CFO Carl Merton purchasing 10,000 shares at $4.62 per share, increasing his ownership by 7.71%. Institutional investors have also been active, with BlackRock Inc., Swiss National Bank, UBS AM, Dimensional Fund Advisors LP, and Legal & General Group Plc adjusting their stakes.
Tilray Brands is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness, and consumer products. The company operates in various markets, including dried flower, pre-rolls, vapes, edibles, and medical cannabis products, as well as beverage alcohol brands like SweetWater Brewing Company and Breckenridge Distillery.