Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.5% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 2.5% on Monday . The stock traded as low as $4.61 and last traded at $4.72. Approximately 3,067,777 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 4,294,800 shares. The stock had previously closed at $4.84.

Analyst Upgrades and Downgrades

Several research firms recently commented on TLRY. TD Securities raised Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Wall Street Zen lowered Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Cowen lowered 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 note on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tilray Brands in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Tilray Brands Stock Performance

The firm has a market capitalization of $642.88 million, a PE ratio of -4.37 and a beta of 1.90. The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The business’s 50 day simple moving average is $4.48 and its two-hundred day simple moving average is $5.80.

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

Insiders Place Their Bets

In other news, CFO Carl A. Merton bought 10,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were bought at an average price of $4.62 per share, with a total value of $46,200.00. Following the completion of the acquisition, the chief financial officer owned 139,753 shares in the company, valued at $645,658.86. The trade was a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders bought a total of 15,000 shares of company stock valued at $69,225 over the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tilray Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its stake in shares of Tilray Brands by 1,839.7% in the 1st quarter. AQR Capital Management LLC now owns 607,054 shares of the company’s stock worth $399,000 after purchasing an additional 575,757 shares during the period. XTX Topco Ltd bought a new stake in Tilray Brands during the second quarter valued at approximately $112,000. Cerity Partners LLC grew its position in Tilray Brands by 98.5% during the second quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock valued at $38,000 after buying an additional 45,929 shares during the period. Ausdal Financial Partners Inc. purchased a new stake in Tilray Brands during the second quarter valued at approximately $939,000. Finally, Bank of America Corp DE increased its holdings in Tilray Brands by 26.5% during the second quarter. Bank of America Corp DE now owns 311,810 shares of the company’s stock valued at $129,000 after buying an additional 65,379 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray’s product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.