Tilray Brands (NASDAQ:TLRY) Shares Down 3.7% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price traded down 3.7% during trading on Monday . The company traded as low as $9.18 and last traded at $9.24. 5,568,789 shares changed hands during mid-day trading, a decline of 10% from the average session volume of 6,196,250 shares. The stock had previously closed at $9.60.

Analyst Upgrades and Downgrades

Several research firms have commented on TLRY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Atb Cap Markets raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.00.

Tilray Brands Stock Performance

The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average is $11.12 and its two-hundred day moving average is $10.25. The stock has a market capitalization of $1.04 billion, a P/E ratio of -0.41 and a beta of 1.76.

Institutional Trading of Tilray Brands

Hedge funds and other institutional investors have recently modified their holdings of the company. Silverlake Wealth Management LLC acquired a new position in Tilray Brands during the third quarter worth about $25,000. Oppenheimer & Co. Inc. bought a new stake in shares of Tilray Brands in the 3rd quarter worth approximately $25,000. Unified Investment Management acquired a new stake in Tilray Brands during the third quarter valued at approximately $26,000. J.W. Cole Advisors Inc. boosted its holdings in Tilray Brands by 203.2% during the second quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock worth $30,000 after buying an additional 48,177 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Tilray Brands in the third quarter worth approximately $30,000. 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.