5 Stocks Under $5 With High Potential

2. Tilray Brands, Inc. (NASDAQ:TLRY)

Number of Hedge Fund Holders: 16    

Share Price as of December 14: $3.56

Tilray Brands, Inc. (NASDAQ:TLRY) engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. Cannabis stocks have declined after US legislation that would have allowed American marijuana businesses access to US banks was excluded from a recent defense bill. However, cannabis legislation remains high on the agenda of lawmakers, giving these firms plenty of upside potential. 

On November 1, Bernstein analyst Nadine Sarwat initiated coverage of Tilray Brands, Inc. (NASDAQ:TLRY) stock with a Market Perform rating and $3.90 price target, highlighting that the company’s cannabis business has best-in-class gross margins and should be free cash flow positive this fiscal year.

At the end of the third quarter of 2022, 16 hedge funds in the database of Insider Monkey held stakes worth $33.4 million in Tilray Brands, Inc. (NASDAQ:TLRY), compared to 14 in the previous quarter worth $12.6 million.