Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.1% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares fell 2.1% on Friday . The stock traded as low as $7.45 and last traded at $7.46. 2,775,025 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 5,641,340 shares. The stock had previously closed at $7.62.

Analysts Set New Price Targets

A number of research firms recently commented on TLRY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, January 21st. Wall Street Zen raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 11th. Canaccord Genuity Group initiated coverage on Tilray Brands in a research report on Tuesday. They set a “hold” rating for the company. Zacks Research cut Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Finally, Roth Mkm decreased their price target on Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, January 20th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $13.33.

Tilray Brands Stock Down 2.1%

The firm has a market cap of $869.14 million, a P/E ratio of -0.34 and a beta of 1.77. The company has a current ratio of 2.81, a quick ratio of 1.72 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $9.36 and a 200-day moving average price of $10.92.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings data on Thursday, January 8th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.27). Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. The firm had revenue of $217.51 million during the quarter, compared to the consensus estimate of $211.15 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. On average, equities analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

Several institutional investors have recently bought and sold shares of TLRY. Tidal Investments LLC boosted its holdings in shares of Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock valued at $12,006,000 after buying an additional 3,776,410 shares in the last quarter. Millennium Management LLC lifted its position in Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after acquiring an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Tilray Brands in the third quarter valued at approximately $5,813,000. Ausdal Financial Partners Inc. acquired a new stake in Tilray Brands in the second quarter valued at approximately $939,000. Finally, Scientech Research LLC purchased a new position in Tilray Brands in the third quarter worth $1,748,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Brands Company Profile

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.