Tilray Brands (NASDAQ:TLRY) Stock Falls 1.7% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares dropped 1.7% on Tuesday. The stock traded as low as $3.94 and last traded at $3.95. 3,037,652 shares changed hands during trading, a decline of 27% from the average session volume of 4,178,455 shares. The stock had previously closed at $4.02.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, September 21st. Wall Street Zen downgraded shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Cowen lowered their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. ATB Cormark Capital Markets cut their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, September 21st. Finally, TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $7.00.

Tilray Brands Stock Down 1.7%

The firm has a market capitalization of $537.99 million, a P/E ratio of -3.66 and a beta of 1.92. The firm’s 50 day moving average is $4.36 and its two-hundred day moving average is $5.21. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.42). The firm had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. Research analysts predict that Tilray Brands, Inc. will post -0.42 EPS for the current year.

Insider Activity at Tilray Brands

In related news, CFO Carl Merton bought 10,000 shares of Tilray Brands stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, with a total value of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. This represents a 7.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders purchased 15,000 shares of company stock worth $69,225. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

Several hedge funds have recently bought and sold shares of TLRY. Engineers Gate Manager LP grew its position in shares of Tilray Brands by 124.1% in the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company’s stock valued at $273,000 after purchasing an additional 33,688 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Tilray Brands during the 2nd quarter worth approximately $27,000. Squarepoint Ops LLC acquired a new stake in Tilray Brands during the 2nd quarter worth approximately $192,000. Amundi bought a new stake in Tilray Brands in the 2nd quarter valued at $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Tilray Brands in the 2nd quarter valued at $75,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.