Tilray Brands (NASDAQ:TLRY) Shares Down 2.7% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price fell 2.7% on Tuesday. The stock traded as low as $3.25 and last traded at $3.27. 4,052,940 shares were traded during trading, a decline of 4% from the average session volume of 4,238,469 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TLRY. Canaccord Genuity Group reduced their target price on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a research note on Friday, October 9th. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. ATB Cormark Capital Markets reduced their price objective 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. Weiss Ratings raised shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 8th. Finally, TD decreased their price objective on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a research note on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.90.

Tilray Brands Stock Performance

The company has a current ratio of 1.88, a quick ratio of 1.11 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $437.21 million, a PE ratio of -2.29 and a beta of 1.91. The firm’s 50-day simple moving average is $4.21 and its 200-day simple moving average is $4.94.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Thursday, October 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.16. The business had revenue of $257.15 million for the quarter, compared to analyst estimates of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. On average, research analysts predict that Tilray Brands, Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at Tilray Brands

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of Tilray Brands stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares in the company, valued at $645,658.86. This trade represents a 7.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 15,000 shares of company stock valued at $69,225 in the last ninety days. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TLRY. BlackRock Inc. purchased a new stake in Tilray Brands during the second quarter valued at approximately $2,073,000. Ieq Capital LLC purchased a new position in Tilray Brands in the second quarter worth $146,000. Deutsche Bank AG acquired a new position in shares of Tilray Brands during the second quarter worth $44,000. State of Wyoming purchased a new stake in shares of Tilray Brands during the 2nd quarter valued at $171,000. Finally, Essential Partners LLC boosted its position in shares of Tilray Brands by 110,137.5% in the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after purchasing an additional 8,811 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.