Canaccord Genuity Group Begins Coverage on Tilray Brands (NASDAQ:TLRY)

Analysts at Canaccord Genuity Group began coverage on shares of Tilray Brands (NASDAQ:TLRY) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage set a “hold” rating on the stock.

TLRY has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Zacks Research lowered Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Roth Mkm decreased their target price on Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, January 20th. Finally, Atb Cap Markets upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 10th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $13.33.

Tilray Brands Price Performance

Shares of TLRY opened at $7.85 on Tuesday. The stock has a market cap of $914.60 million, a P/E ratio of -0.36 and a beta of 1.77. Tilray Brands has a 1 year low of $3.51 and a 1 year high of $23.20. The stock’s 50-day moving average price is $9.39 and its two-hundred day moving average price is $10.95. The company has a current ratio of 2.81, a quick ratio of 1.72 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings results on Thursday, January 8th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.27). Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. The firm had revenue of $217.51 million during the quarter, compared to analyst estimates of $211.15 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. On average, equities analysts predict that Tilray Brands will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Tilray Brands

A number of large investors have recently added to or reduced their stakes in TLRY. Tidal Investments LLC lifted its holdings in shares of Tilray Brands by 15.0% in the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock valued at $12,006,000 after purchasing an additional 3,776,410 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after buying an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Tilray Brands in the 3rd quarter valued at approximately $5,813,000. Ausdal Financial Partners Inc. bought a new stake in Tilray Brands in the 2nd quarter valued at approximately $939,000. Finally, Scientech Research LLC bought a new stake in Tilray Brands in the 3rd quarter valued at approximately $1,748,000. Institutional investors own 9.35% of the company’s stock.

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.