Tilray Brands (NASDAQ:TLRY) Shares Down 2.1% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price was down 2.1% during mid-day trading on Wednesday . The stock traded as low as $4.18 and last traded at $4.21. Approximately 4,490,407 shares were traded during trading, an increase of 6% from the average daily volume of 4,244,847 shares. The stock had previously closed at $4.30.

Wall Street Analysts Forecast Growth

A number of equities 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. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. Weiss Ratings raised shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 24th. Finally, Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.00.

Tilray Brands Stock Down 2.1%

The firm has a market capitalization of $573.40 million, a PE ratio of -3.90 and a beta of 1.92. The stock has a 50-day simple moving average of $4.46 and a 200-day simple moving average of $5.55. The company has a quick ratio of 1.37, a current ratio of 2.21 and a debt-to-equity ratio of 0.22.

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

Insiders Place Their Bets

In other Tilray Brands news, CFO Carl Merton bought 10,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 15,000 shares of company stock worth $69,225 in the last three months. 0.84% of the stock is owned by company insiders.

Institutional Trading of Tilray Brands

Several hedge funds and other institutional investors have recently modified their holdings of TLRY. Hilton Head Capital Partners LLC purchased a new stake in shares of Tilray Brands during the 4th quarter valued at approximately $38,000. Pictet Asset Management Holding SA grew its stake in Tilray Brands by 38.9% in the 1st quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company’s stock valued at $119,000 after buying an additional 5,145 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Tilray Brands in the 2nd quarter valued at approximately $27,000. Schonfeld Strategic Advisors LLC raised its holdings in Tilray Brands by 4.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 144,358 shares of the company’s stock valued at $1,304,000 after acquiring an additional 6,182 shares during the period. Finally, Baader Bank Aktiengesellschaft raised its holdings in Tilray Brands by 17.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock valued at $293,000 after acquiring an additional 7,226 shares during the period. Institutional investors own 9.35% of the company’s stock.

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.