Tilray Brands (NASDAQ:TLRY) Trading Down 1.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price dropped 1.5% on Thursday . The company traded as low as $4.51 and last traded at $4.57. Approximately 2,867,074 shares were traded during trading, a decline of 33% from the average daily volume of 4,280,556 shares. The stock had previously closed at $4.64.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Weiss Ratings upgraded shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Finally, TD Cowen cut their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.00.

Tilray Brands Trading Up 0.4%

The company has a market capitalization of $625.16 million, a PE ratio of -4.25 and a beta of 1.90. The company has a fifty day simple moving average of $4.47 and a 200-day simple moving average of $5.72. The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.42). Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%.The company had revenue of $281.71 million for the quarter, compared to analysts’ expectations of $246.30 million. Analysts predict that Tilray Brands, Inc. will post -0.42 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Carl A. Merton purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, with a total value of $46,200.00. Following the purchase, the chief financial officer directly owned 139,753 shares in the company, valued at approximately $645,658.86. This represents a 7.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders have bought 15,000 shares of company stock valued at $69,225. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TLRY. Hillsdale Investment Management Inc. acquired a new stake in shares of Tilray Brands during the 4th quarter worth about $4,855,000. IFP Advisors Inc lifted its position in Tilray Brands by 14.3% in the fourth quarter. IFP Advisors Inc now owns 60,318 shares of the company’s stock valued at $545,000 after buying an additional 7,541 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Tilray Brands during the fourth quarter worth about $346,000. Essential Partners LLC boosted its stake in Tilray Brands by 110,137.5% during the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares during the period. Finally, Entropy Technologies LP acquired a new stake in shares of Tilray Brands during the first quarter valued at about $123,000. 9.35% of the stock is currently owned by hedge funds and other 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.