Tilray Brands (NASDAQ:TLRY) Stock Price Down 1.9% – Time to Sell?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 1.9% during mid-day trading on Thursday. The company traded as low as $2.62 and last traded at $2.64. Approximately 4,148,703 shares were traded during trading, a decline of 2% from the average daily volume of 4,223,505 shares. The stock had previously closed at $2.69.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TLRY. ATB Cormark Capital Markets reduced their target price on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, September 21st. Zacks Research downgraded shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 29th. TD cut their price target on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a report on Monday, October 5th. Canaccord Genuity Group cut their price target on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a report on Friday, October 9th. Finally, TD Cowen reduced their price objective 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 research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.90.

Tilray Brands Trading Down 2.2%

The firm has a market cap of $388.69 million, a price-to-earnings ratio of -1.88 and a beta of 1.91. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11. The firm’s fifty day moving average is $3.88 and its 200-day moving average is $5.57.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly 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 during the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. Equities analysts anticipate that Tilray Brands, Inc. will post -0.52 earnings per share for the current year.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl Merton bought 10,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the purchase, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 15,000 shares of company stock worth $69,225 over the last three months. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Tilray Brands during the 2nd quarter valued at about $2,073,000. Legal & General Group Plc purchased a new stake in Tilray Brands in the second quarter worth approximately $381,000. SLT Holdings LLC bought a new position in Tilray Brands during the third quarter valued at approximately $247,000. State of Wyoming lifted its stake in Tilray Brands by 114.2% in the third quarter. State of Wyoming now owns 81,502 shares of the company’s stock worth $306,000 after purchasing an additional 43,448 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Tilray Brands in the 2nd quarter valued at about $192,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.