Tilray Brands (NASDAQ:TLRY) Shares Down 5.1% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) dropped 5.1% during trading on Wednesday. The company traded as low as $3.68 and last traded at $3.75. Approximately 7,415,399 shares changed hands during trading, an increase of 77% from the average daily volume of 4,198,470 shares. The stock had previously closed at $3.95.

Wall Street Analyst Weigh In

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

Tilray Brands Stock Performance

The stock has a market cap of $509.40 million, a PE ratio of -3.46 and a beta of 1.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37. The business has a 50 day moving average price of $4.36 and a two-hundred day moving average price of $5.18.

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

Insider Activity at Tilray Brands

In other news, CFO Carl Merton bought 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the acquisition, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought 15,000 shares of company stock worth $69,225 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TLRY. BlackRock Inc. purchased a new stake in Tilray Brands in the second quarter worth $2,073,000. Swiss National Bank raised its holdings in Tilray Brands by 4.1% in the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after purchasing an additional 9,100 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Tilray Brands by 6.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company’s stock worth $935,000 after purchasing an additional 11,894 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Tilray Brands by 82.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after purchasing an additional 39,801 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of Tilray Brands during the 2nd quarter valued at about $381,000. Institutional investors own 9.35% of the company’s stock.

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.