Tilray (NASDAQ:TLRY) reported its fourth-quarter earnings on Jan. 9, or rather earnings for the second quarter of its fiscal 2024. For the period, the company posted record net revenue of $194 million, up by 34% year-over-year (YOY). Cannabis net revenue was up by 35% YOY while beverage alcohol net revenue increased by 117%. At the same time, the margins for these two segments fell significantly.
Still, the numbers were good enough to attract the attention of Tilray insiders. Since Jan. 12, four separate insiders have purchased shares of TLRY stock.
The most recent purchase is attributable to Chief Strategy Officer Denise Faltischek. Yesterday, Faltischek picked up 10,000 shares at an average per share price of $2.05. Following the purchase, Faltischek now owns a total of 293,269 shares.
The dollar amount of the purchase was nothing major. However, this was Faltischek’s first-ever open market purchase of TLRY stock after joining the company in 2019.
TLRY Stock: Insiders Buy Shares Following Earnings
Global General Counsel Mitchell Gendel also joined in on the buying spree. He picked up 5,400 shares on Jan. 12 and then another 7,200 shares on Jan. 16. He now owns a total of 195,796 shares. His Jan. 12 purchase also marked his first time buying shares of TLRY stock.
On the same day, CEO and President Irwin Simon reported buying 53,700 shares worth $100,956. Like Faltischek and Gendel, Simon’s transaction was his first-ever open market purchase of TLRY. Simon now owns 2.03 million shares following the purchase.
Last but not least is Chief Financial Officer Carl Merton, who purchased 20,000 shares on Jan. 12. And yes, you guessed it, the transaction was Merton’s first time buying shares of Tilray. All four of the insiders owned shares prior to their first purchase as a result of employee stock awards.
This flow of insider buying conveys a signal that insiders hold conviction in their company. Shares of TLRY have fallen by 34% during the past year and 93% since Tilray became a publicly traded entity.
Wall Street analysts seem to agree with the insiders. TLRY stock has an average price target of $2.49 among 15 analysts with coverage, implying upside of more than 20%.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
