Tilray Brands (TLRY) Stock: Explodes 27% on Massive Volume as Cannabis Optimism Builds

TLDR

• Tilray Brands stock jumped 27.5% on Tuesday, reaching as high as $14.55 on nearly 47 million shares traded
• Trading volume spiked 721% above the average daily volume of 5.72 million shares
• The stock added another 5% in pre-market trading on Wednesday as marijuana reclassification optimism continues
• Analysts maintain a Hold rating with a consensus price target of $20, featuring 2 Buys, 4 Holds, and 1 Sell
• Institutional ownership stands at 9.35%, with AQR Capital Management increasing its stake by roughly 1,840%

Tilray Brands stock exploded higher on Tuesday, posting a 27.5% gain that sent shares to an intraday high of $14.55. The cannabis company closed at $13.94 after starting the day at $10.93.

Tilray Brands, Inc., TLRY

Trading volume told an even bigger story. Nearly 47 million shares changed hands during the session, representing a 721% increase over the stock’s typical daily volume of 5.72 million shares.

The momentum didn’t stop there. In pre-market trading on Wednesday, Tilray shares added another 5% as investors continued to pile into cannabis stocks.

The buying frenzy appears tied to renewed optimism about potential U.S. marijuana reclassification. Investors are positioning themselves in cannabis names like Tilray as policy changes could reshape the sector.

Tilray’s market capitalization now stands at roughly $1.57 billion. The company carries a negative price-to-earnings ratio of -0.61, reflecting its current lack of profitability.

On the balance sheet side, Tilray maintains a low debt-to-equity ratio of 0.15. The company also reports a current ratio of 2.62 and a quick ratio of 1.56.

The stock’s 50-day moving average sits at $12.17, while its 200-day moving average is $9.80. Tilray’s beta of 1.76 indicates the stock tends to move more dramatically than the broader market.

Wall Street Weighs In

Analyst opinions on Tilray remain mixed following the sharp move. The consensus rating is Hold, with seven analysts covering the stock.

The breakdown includes two Buy ratings, four Hold ratings, and one Sell rating. The consensus price target stands at $20.00, suggesting potential upside from current levels.

Jefferies Financial Group maintains a Buy rating and recently lifted its price target from $15 to $20. Several other firms have upgraded their stance, with ATB Capital Markets moving from a Strong Sell to a Hold rating on December 10th.

Wall Street Zen also upgraded Tilray from Strong Sell to Hold in October. Weiss Ratings, however, continues to rate the stock as Sell.

Institutional Money Moves

Institutional investors have been adjusting their positions in Tilray. Overall institutional ownership sits at 9.35% of outstanding shares.

AQR Capital Management made the biggest splash, increasing its stake by approximately 1,840% during the first quarter. The firm now holds 607,054 shares valued at roughly $399,000.

Swiss National Bank boosted its position by 2.3%, adding 40,000 shares to bring its total to 1,816,638 shares worth about $1.194 million. British Columbia Investment Management Corp increased its holdings by 30.4%, purchasing an additional 122,969 shares.

State of Wyoming more than doubled its position, growing its stake by 133% to 241,165 shares. Zuckerman Investment Group LLC entered a new position worth approximately $33,000.

Tilray operates across multiple countries, including Canada, Germany, Australia, and South Africa. The company handles research, cultivation, processing, and distribution of medical cannabis products.

The stock added another 5% in pre-market trading Wednesday as cannabis sector optimism continued to drive buying interest.

The post Tilray Brands (TLRY) Stock: Explodes 27% on Massive Volume as Cannabis Optimism Builds appeared first on Blockonomi.