Tilray Brands (NASDAQ:TLRY) Trading Down 1.6% – Should You Sell?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) fell 1.6% during mid-day trading on Tuesday . The stock traded as low as $4.26 and last traded at $4.31. Approximately 3,399,855 shares were traded during trading, a decline of 20% from the average daily volume of 4,272,919 shares. The stock had previously closed at $4.38.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TLRY shares. Roth Capital upgraded Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Thursday, April 2nd. ATB Cormark Capital Markets decreased their price target on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 2nd. Weiss Ratings cut Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Wall Street Zen raised shares of Tilray Brands from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, TD Cowen decreased their target price on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tilray Brands presently has an average rating of “Hold” and an average price target of $11.50.

Tilray Brands Trading Up 0.6%

The business has a fifty day moving average price of $5.14 and a 200 day moving average price of $6.88. The company has a market capitalization of $512.24 million, a PE ratio of -0.32 and a beta of 1.89. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79.

Insider Buying and Selling

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of Tilray Brands stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total transaction of $232,878.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in Tilray Brands by 1,839.7% during 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 acquired a new position in shares of Tilray Brands during the second quarter worth about $112,000. Cerity Partners LLC lifted its stake in shares of Tilray Brands by 98.5% during the second quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock worth $38,000 after purchasing an additional 45,929 shares in the last quarter. Ausdal Financial Partners Inc. purchased a new stake in shares of Tilray Brands in the second quarter worth about $939,000. Finally, Bank of America Corp DE boosted its position in shares of Tilray Brands by 26.5% in the second quarter. Bank of America Corp DE now owns 311,810 shares of the company’s stock worth $129,000 after buying an additional 65,379 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

About Tilray Brands

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.