Tilray Brands (NASDAQ:TLRY) Shares Down 1.7% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 1.7% during trading on Thursday . The company traded as low as $4.10 and last traded at $4.14. Approximately 2,902,938 shares were traded during trading, a decline of 32% from the average daily volume of 4,239,766 shares. The stock had previously closed at $4.21.

Analyst Ratings Changes

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

Tilray Brands Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21. The stock has a market cap of $563.87 million, a P/E ratio of -3.83 and a beta of 1.92. The company’s 50 day moving average price is $4.45 and its 200-day moving average price is $5.52.

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

Insider Activity at Tilray Brands

In other news, CFO Carl Merton bought 10,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, with a total value of $46,200.00. Following the transaction, the chief financial officer directly owned 139,753 shares in the company, valued at $645,658.86. This represents a 7.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have purchased 15,000 shares of company stock worth $69,225. 0.84% of the stock is owned by company insiders.

Institutional Trading of Tilray Brands

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Tilray Brands in the 2nd quarter valued at $2,073,000. Hillsdale Investment Management Inc. bought a new stake in shares of Tilray Brands during the 4th quarter worth $4,855,000. IFP Advisors Inc raised its stake in shares of Tilray Brands by 14.3% during the 4th 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 period. State of Wyoming purchased a new position in shares of Tilray Brands in the 2nd quarter worth about $171,000. Finally, Essential Partners LLC boosted its holdings in shares of Tilray Brands by 110,137.5% in the 1st 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 last quarter. 9.35% of the stock is 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.