Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.6% – Should You Sell?

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price dropped 2.6% during trading on Tuesday . The stock traded as low as $8.97 and last traded at $9.02. Approximately 6,728,753 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 6,196,229 shares. The stock had previously closed at $9.26.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wall Street Zen upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Atb Cap Markets upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 10th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Tilray Brands currently has an average rating of “Hold” and an average price target of $20.00.

Tilray Brands Stock Performance

The firm’s 50 day moving average is $10.99 and its 200-day moving average is $10.29. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -0.40 and a beta of 1.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TLRY. Oppenheimer & Co. Inc. acquired a new stake in shares of Tilray Brands in the third quarter valued at about $25,000. Silverlake Wealth Management LLC acquired a new stake in shares of Tilray Brands in the 3rd quarter worth approximately $25,000. Unified Investment Management purchased a new position in Tilray Brands in the 3rd quarter valued at approximately $26,000. Y Intercept Hong Kong Ltd purchased a new position in Tilray Brands in the 3rd quarter valued at approximately $30,000. Finally, HighPoint Advisor Group LLC acquired a new position in Tilray Brands during the third quarter worth $33,000. 9.35% of the stock is currently owned by hedge funds and other 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.