Investing
Tilray CEO Irwin Simon Is Buying Up TLRY Stock
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Tilray (NASDAQ:TLRY) reported its earnings last week, bringing in record-high quarterly net revenue of $194 million, up by 34% year-over-year. However, as The Motley Fool reports, much of the revenue growth was attributed to acquisitions, such as from Hexo and several beverage brands from Anheuser-Busch (NYSE:BUD). This is reflected in a gross profit growth of 11% to $47 million, which trailed revenue growth by a wide margin.
On the bright side, net loss decreased to $46 million compared to $62 million a year ago. The company is also gearing up to be a dominant alcoholic beverage provider in the U.S. and is currently the country’s fifth-largest craft beer brewer. CEO Irwin Simon had this to say about the company’s growth:
“We have also emerged as a disruptor in the craft beverage-alcohol industry by assembling a portfolio of highly sought-after brands that are dominating key regions across the U.S. in the Northeast, the Pacific Northwest, and the Southeast.”
The company’s earnings were good enough for Simon to make his first insider buy in nearly four years. Let’s get into the details.
TLRY Stock: CEO Irwin Simon and CFO Carl Merton Buy Shares
On Jan. 12, Simon acquired 53,700 shares of TLRY stock at an average per share price of $1.88. In total, the transaction amounted to $100,956 and was Simon’s first insider purchase since March 2020. Following the transaction, Simon now owns 2.03 million shares.
Simon wasn’t alone. On the same day, CFO Paul Merton’s spouse picked up 20,000 shares at an average per share price of $1.87. Following the purchase, Merton’s spouse owned 20,000 shares, while Merton’s stake of 430,325 shares remained unchanged.
Furthermore, Global General Counsel Mitchell Gendel also joined in on the fun. Gendel acquired 5,400 shares at an average per share price of $1.87 on Jan. 12. The transaction marked Gendel’s first-ever open market acquisition of TLRY, according to SecForm4.com.
Gendel disclosed another insider buy today, buying 7,200 shares at an average per share price of $1.98. The transaction brought his total stake to 195,796 shares.
During the past year, Tilray insiders have now purchased $162,710 of shares on the open market while selling zero shares.
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.
Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.
Tilray CEO Irwin Simon Is Buying Up TLRY Stock
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Tilray CEO Irwin Simon Is Buying Up TLRY Stock
Several TLRY stock insiders have reported