Tilray Brands, Inc. (NASDAQ:TLRY) experienced a modest increase of 1.1% in its stock price on Tuesday, trading as high as $10.95 before closing at $10.53. The trading volume reached 13,330,773 shares, reflecting a significant increase of 115% from its average volume of 6,200,304 shares. This uptick follows a previous close at $10.42.
Analysts have recently revised their ratings on Tilray Brands, providing a mixed outlook. On December 10, 2023, ATB Capital Markets upgraded the stock from a “strong sell” to a “hold” rating. Conversely, Weiss Ratings maintained a “sell (d-)” rating in a report dated October 8, 2023. Wall Street Zen also upgraded Tilray from a “strong sell” to a “hold” on October 11, 2023. Currently, two analysts have issued a Buy rating, four have opted for Hold, and one has recommended Sell. According to MarketBeat.com, the consensus target price for the stock stands at $20.00.
Institutional Investment Trends
Institutional investors have shown increased interest in Tilray Brands, with several firms adjusting their holdings in recent months. Baader Bank Aktiengesellschaft raised its stake by 11.0% during the second quarter, acquiring an additional 33,684 shares, bringing its total to 339,706 shares valued at approximately $134,000. Vontobel Holding Ltd. increased its stake by 12.7%, now holding 272,662 shares worth $113,000 after purchasing an additional 30,818 shares.
Stratos Wealth Partners LTD. made a substantial move, boosting its holdings by an impressive 704.5% during the same period, now owning 81,272 shares valued at $34,000. Tradewinds Capital Management LLC also increased its stake by 177.0%, owning 203,461 shares worth $84,000 after acquiring 130,001 shares in the last quarter. Notably, British Columbia Investment Management Corp. lifted its position by 30.4% during the first quarter, now holding 527,995 shares valued at $345,000. Currently, approximately 9.35% of Tilray’s stock is owned by hedge funds and institutional investors.
About Tilray Brands
Tilray Brands, Inc. operates as a global cannabis-lifestyle and consumer packaged goods company. It engages in the cultivation, production, distribution, and sale of cannabis and cannabinoid-based products. The company offers a diverse portfolio of branded products that includes medical cannabis, adult-use recreational products, and wellness offerings.
With advanced cultivation facilities, rigorous research and development efforts, and stringent quality control systems, Tilray aims to deliver consistent and scalable products tailored to various patient and consumer needs. Its extensive product lineup features cannabis flower, pre-rolls, oils, tinctures, vapes, edibles, and topicals, in addition to hemp-derived cannabidiol (CBD) products.
As Tilray Brands continues to navigate the evolving cannabis market, the recent stock performance and institutional interest may signal a pivotal moment for the company as it seeks to solidify its position in the industry. Interested investors and market observers are encouraged to stay informed on the latest developments and analyst ratings regarding Tilray Brands.
