Tilray Brands (NASDAQ:TLRY) Stock Falls 2.4% – What’s Next?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 2.4% on Friday. The stock traded as low as $2.41 and last traded at $2.43. 2,469,655 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 4,281,302 shares. The stock had previously closed at $2.49.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TLRY. Weiss Ratings lowered Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 23rd. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Canaccord Genuity Group lowered their price target on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating for the company in a report on Friday, October 9th. Zacks Research cut shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 29th. Finally, ATB Cormark Capital Markets cut their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Tilray Brands currently has an average rating of “Hold” and a consensus target price of $5.90.

Tilray Brands Trading Down 2.4%

The firm has a market cap of $359.13 million, a P/E ratio of -1.74 and a beta of 2.04. The firm’s fifty day moving average is $3.44 and its two-hundred day moving average is $5.22. The company has a quick ratio of 1.11, a current ratio of 1.88 and a debt-to-equity ratio of 0.17.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.16. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. The business had revenue of $257.15 million during the quarter, compared to analyst estimates of $266.26 million. Analysts predict that Tilray Brands, Inc. will post -0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

Institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new stake in Tilray Brands in the second quarter worth about $27,000. Deutsche Bank AG purchased a new position in shares of Tilray Brands during the 2nd quarter worth approximately $44,000. Corient Private Wealth LP purchased a new position in shares of Tilray Brands during the 2nd quarter worth approximately $53,000. Essential Partners LLC grew its holdings in shares of Tilray Brands by 110,137.5% during the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after acquiring an additional 8,811 shares during the period. Finally, Centaurus Financial Inc. bought a new position in shares of Tilray Brands in the 2nd quarter worth approximately $58,000. 9.35% of the stock is owned by institutional investors.

Tilray Brands Company Profile

Tilray Brands is a global cannabis and consumer packaged goods company. Its cannabis business produces and sells medical and adult-use products, including dried flower, oils, extracts and edibles, under brands such as Good Supply, Solei, Redecan and Broken Coast. The company serves customers in Canada, the United States and international markets. Its activities include medical cannabis distribution in countries where permitted, as well as cannabis and hemp-related products in North America, subject to local regulations.