Tilray Brands’ (NASDAQ:TLRY) first-quarter numbers fell short of estimates on both top-line and bottom-line fronts.
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Revenue dropped ~9% over the prior year to $153.2 million, missing the cut by about $3.6 million. Its net loss per share at $0.08 too came in wider than expectations by $0.01.
Notably, though, the company’s cannabis gross margin improved to 51% from 43% in the year-ago period.
Tilray shares skyrocketed yesterday along with other names in the cannabis space after U.S. President Biden called for favorable reforms in the space.
Further, despite the Q1 miss, TLRY stock is putting on some major pre-market gains today, building up on yesterday’s momentum.
What is the Target Price for Tilray?
Tilray shares have fallen nearly 64% over the past year, and the consensus on the Street remains a Hold based on two Buys, five Holds, and two Sells.
The average Tilray price target of $4.31 indicates a modest 10.51% potential upside in the stock.
