Tilray Brands (NASDAQ:TLRY) Stock Price Down 6.4% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price traded down 6.4% during trading on Wednesday . The stock traded as low as $5.98 and last traded at $6.14. 7,229,542 shares changed hands during mid-day trading, an increase of 58% from the average session volume of 4,571,781 shares. The stock had previously closed at $6.56.

Analysts Set New Price Targets

Several equities analysts have commented on the company. ATB Cormark Capital Markets dropped their target price on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a research report on Thursday, April 2nd. Roth Mkm upgraded Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Thursday, April 2nd. TD Cowen dropped their target price on Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Tilray Brands Price Performance

The company has a fifty day moving average of $6.92 and a 200 day moving average of $9.12. The firm has a market capitalization of $717.95 million, a P/E ratio of -0.45 and a beta of 1.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66.

Tilray Brands (NASDAQ:TLRY) last announced its earnings results on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.10). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The company had revenue of $206.73 million during the quarter, compared to the consensus estimate of $201.35 million. During the same quarter in the previous year, the company earned ($0.87) earnings per share. Sell-side analysts predict that Tilray Brands, Inc. will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David G. Hopkinson sold 33,556 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total value of $232,878.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.84% of the stock is owned by insiders.

Institutional Trading of Tilray Brands

Several institutional investors have recently added to or reduced their stakes in the stock. Hilton Head Capital Partners LLC bought a new stake in Tilray Brands during the fourth quarter worth $38,000. Pictet Asset Management Holding SA raised its stake in shares of Tilray Brands by 38.9% in the first quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company’s stock valued at $119,000 after buying an additional 5,145 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in shares of Tilray Brands by 4.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 144,358 shares of the company’s stock valued at $1,304,000 after buying an additional 6,182 shares during the period. IFP Advisors Inc lifted its position in shares of Tilray Brands by 14.3% during the 4th quarter. IFP Advisors Inc now owns 60,318 shares of the company’s stock valued at $545,000 after buying an additional 7,541 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Tilray Brands by 33.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 36,977 shares of the company’s stock worth $64,000 after acquiring an additional 9,341 shares during the period. 9.35% of the stock is currently owned by institutional investors.

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.