In a recent transaction reported to the Securities and Exchange Commission, Merton Carl A, the Chief Financial Officer of Tilray (NASDAQ:TLRY) Brands, Inc. (NASDAQ:TLRY), disclosed that his spouse purchased 26,000 shares of Tilray's common stock. The shares were bought on the open market at a price of $1.36 per share, totaling $35,360.
Following this acquisition, the shares are held by Merton's spouse, as noted in the filing. The purchase adds to the shares beneficially owned by Merton, bringing the total to 660,055 shares, excluding certain unvested performance stock units. Additionally, the filing indicates that 20,000 shares of common stock are held by Merton's spouse.
This transaction is part of the regular disclosures required of insiders, providing transparency to investors regarding the financial activities of company executives and their immediate family members.
In other recent news, Tilray Brands, Inc. has been at the center of several noteworthy developments. The company reported a 13% year-over-year increase in net revenue for the first quarter, reaching a record $200 million. Additionally, Tilray secured lender approval for the acquisition of craft beer brands from Molson Coors (NYSE:TAP) Beverage Company, a move that aligns with its diversification efforts.
On the legal front, Tilray faces a shareholder lawsuit challenging the voting standards used for shareholder approval of certain corporate actions. Despite this, Institutional Shareholder Services Inc. has recommended that shareholders vote in favor of the proposal at the annual meeting.
In the wake of Florida's rejection of recreational marijuana legalization, Tilray has strategically shifted its focus to cater to the rising trend of cannabis consumption among women. This includes investments in brands like Solei Cannabis.
The company has also launched a series of fall-themed craft beers across its portfolio, demonstrating its commitment to innovation. These developments provide a snapshot of recent activity within Tilray Brands, Inc.
InvestingPro Insights
The recent insider purchase by Tilray Brands' CFO's spouse aligns with several key insights from InvestingPro. According to InvestingPro data, Tilray's stock is currently trading near its 52-week low, with a market capitalization of $1.19 billion. This insider buying activity could be seen as a vote of confidence in the company's future prospects, especially considering that Tilray's net income is expected to grow this year, as highlighted by one of the InvestingPro Tips.
Despite the recent stock performance, with a 15.09% decline over the past month, analysts anticipate sales growth for Tilray in the current year. This expectation is supported by the company's impressive revenue growth of 24.76% over the last twelve months, reaching $812.04 million.
It's worth noting that Tilray operates with a moderate level of debt and its liquid assets exceed short-term obligations, which could provide financial flexibility as the company pursues growth opportunities. These factors, combined with the insider purchase, may signal potential value for investors willing to weather the stock's current volatility.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Tilray Brands, providing deeper insights into the company's financial health and market position.
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