Tilray Brands (NASDAQ:TLRY) Shares Down 5.8% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 5.8% during mid-day trading on Thursday . The company traded as low as $6.52 and last traded at $6.54. Approximately 1,901,006 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 3,675,064 shares. The stock had previously closed at $6.94.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TLRY shares. Wall Street Zen upgraded shares of Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Roth Mkm dropped their price target on shares of Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, January 20th. Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a research note on Tuesday, January 27th. They set a “hold” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, January 21st. Finally, ATB Cormark Capital Markets raised Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 10th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $13.33.

Tilray Brands Stock Performance

The company has a quick ratio of 1.72, a current ratio of 2.81 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $7.66 and a 200-day simple moving average of $10.42. The company has a market capitalization of $761.98 million, a P/E ratio of -0.30 and a beta of 1.96.

Tilray Brands (NASDAQ:TLRY) last posted its earnings results on Thursday, January 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.12. The business had revenue of $217.51 million for the quarter, compared to analyst estimates of $211.15 million. Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. During the same quarter in the prior year, the firm earned ($0.03) EPS. Equities analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Tilray Brands

A number of large investors have recently bought and sold shares of TLRY. Hilton Head Capital Partners LLC acquired a new stake in Tilray Brands during the 4th quarter valued at $38,000. Schonfeld Strategic Advisors LLC boosted its stake in Tilray Brands by 4.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 144,358 shares of the company’s stock worth $1,304,000 after purchasing an additional 6,182 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Tilray Brands by 14.3% during the fourth quarter. IFP Advisors Inc now owns 60,318 shares of the company’s stock worth $545,000 after purchasing an additional 7,541 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Tilray Brands by 33.8% during the third quarter. Integrated Wealth Concepts LLC now owns 36,977 shares of the company’s stock worth $64,000 after purchasing an additional 9,341 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its stake in shares of Tilray Brands by 12.2% in the third quarter. CreativeOne Wealth LLC now owns 87,134 shares of the company’s stock valued at $151,000 after buying an additional 9,452 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors.

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.