Tilray Brands, Inc. experienced a significant increase in its share price on Thursday, rising by 13.1% during mid-day trading. The stock reached a peak of C$21.57 before settling at C$20.17. This surge was accompanied by heightened trading volume, with approximately 837,606 shares changing hands, a remarkable increase of 163% compared to the average daily volume of 319,077 shares. The previous closing price for Tilray was C$17.83.
Analysts Adjust Price Targets
In a separate development, Sanford C. Bernstein raised its target price for Tilray Brands from C$13.00 to C$13.60 in a research report released on Friday. This adjustment reflects growing confidence in the company’s future performance within the cannabis sector.
Tilray Brands operates as a Canadian producer of both medical and recreational cannabis. The company was formed in 2021 following the reverse merger of legacy Aphria and legacy Tilray, adopting the name Tilray. The majority of its revenue is generated from sales in Canada and the international medical cannabis export market. In the United States, the company has established a presence through its CBD products under the brand Manitoba Harvest and its beer offerings via SweetWater.
The recent trading activity may indicate renewed investor interest in Tilray Brands, suggesting potential opportunities for growth in the evolving cannabis market. With ongoing changes in regulations and expanding consumer acceptance, companies like Tilray are positioned to capitalize on these trends.
As the market continues to react to developments in the cannabis industry, investors and analysts alike will be closely monitoring Tilray’s performance and strategic decisions in the months ahead.
