Tilray Brands (NASDAQ:TLRY) Stock Falls 5.1% – Time to Sell?

Tilray Brands, Inc. (NASDAQ:TLRY) was down 5.1% during mid-day trading on Thursday. The stock traded as low as $2.71 and last traded at $2.81. 6,668,765 shares traded hands during mid-day trading, an increase of 56% from the average session volume of 4,284,046 shares. The stock had previously closed at $2.96.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TLRY shares. TD Cowen cut their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. Canaccord Genuity Group dropped their target price on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a research report on Friday, October 9th. TD dropped their target price on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a research report on Monday, October 5th. ATB Cormark Capital Markets decreased their price target on Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, September 21st. Finally, Zacks Research lowered Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.90.

Tilray Brands Trading Up 3.9%

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 stock has a market capitalization of $431.55 million, a PE ratio of -2.09 and a beta of 2.04. The stock’s 50 day simple moving average is $3.59 and its two-hundred day simple moving average is $5.34.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.16. The business had revenue of $257.15 million for the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. On average, sell-side analysts expect that Tilray Brands, Inc. will post -0.52 EPS for the current year.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Tilray Brands in the 2nd quarter worth approximately $2,073,000. Swiss National Bank grew its position in shares of Tilray Brands by 4.1% during the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock valued at $1,491,000 after purchasing an additional 9,100 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Tilray Brands by 6.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company’s stock worth $935,000 after buying an additional 11,894 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Tilray Brands by 82.9% in the first quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after buying an additional 39,801 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Tilray Brands during the second quarter valued at $381,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

About Tilray Brands

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.