Tilray Brands (NASDAQ:TLRY) Trading Down 20% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price dropped 20% on Friday . The company traded as low as $0.8002 and last traded at $0.8240. Approximately 98,443,935 shares were traded during mid-day trading, an increase of 98% from the average daily volume of 49,776,492 shares. The stock had previously closed at $1.03.

Analyst Ratings Changes

Several research firms recently weighed in on TLRY. Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Jefferies Financial Group boosted their price target on shares of Tilray Brands from $1.50 to $2.00 and gave the company a “buy” rating in a report on Monday, August 25th. Finally, Atb Cap Markets downgraded Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.00.

Tilray Brands Price Performance

The company has a market cap of $925.24 million, a price-to-earnings ratio of -0.36 and a beta of 2.04. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.15. The company’s fifty day moving average price is $1.35 and its two-hundred day moving average price is $0.95.

Shares of Tilray Brands are going to reverse split on the morning of Tuesday, December 2nd. The 1-10 reverse split was announced on Wednesday, November 26th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 1st.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TLRY. Silverlake Wealth Management LLC bought a new stake in Tilray Brands in the 3rd quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new position in shares of Tilray Brands during the 3rd quarter worth approximately $25,000. Unified Investment Management acquired a new stake in shares of Tilray Brands in the third quarter valued at approximately $26,000. J.W. Cole Advisors Inc. lifted its position in shares of Tilray Brands by 203.2% in the second quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock worth $30,000 after purchasing an additional 48,177 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Tilray Brands during the third quarter worth $30,000. 9.35% of the stock is currently owned by institutional investors.

About Tilray Brands

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.