Tilray Brands (NASDAQ:TLRY) Shares Down 1.5% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price fell 1.5% during mid-day trading on Thursday . The company traded as low as $4.51 and last traded at $4.57. 2,867,074 shares changed hands during trading, a decline of 33% from the average session volume of 4,280,556 shares. The stock had previously closed at $4.64.

Analysts Set New Price Targets

TLRY has been the topic of several research analyst reports. Wall Street Zen lowered shares of Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, TD Cowen reduced 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Tilray Brands has a consensus rating of “Hold” and an average target price of $8.00.

Tilray Brands Trading Down 1.5%

The company has a 50 day moving average of $4.47 and a 200-day moving average of $5.74. The stock has a market cap of $622.45 million, a price-to-earnings ratio of -4.23 and a beta of 1.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21.

Tilray Brands (NASDAQ:TLRY) last released its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share 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 analyst estimates of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. On average, research analysts anticipate that Tilray Brands, Inc. will post -0.42 earnings per share for the current year.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl A. Merton acquired 10,000 shares of the stock in a transaction dated 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 completion of the purchase, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased a total of 15,000 shares of company stock valued at $69,225 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC grew its stake in shares of Tilray Brands by 15.0% in the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after acquiring an additional 3,776,410 shares in the last quarter. Millennium Management LLC increased its position in shares of Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after acquiring an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Tilray Brands in the third quarter valued at $5,813,000. Ausdal Financial Partners Inc. acquired a new stake in shares of Tilray Brands in the second quarter valued at $939,000. Finally, Swiss National Bank boosted its holdings in Tilray Brands by 4.4% in the third quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock valued at $3,483,000 after purchasing an additional 84,900 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.