Tilray Brands (NASDAQ:TLRY) Trading Down 6.8% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares fell 6.8% on Wednesday . The stock traded as low as $7.82 and last traded at $7.85. 6,561,256 shares were traded during trading, an increase of 11% from the average session volume of 5,911,325 shares. The stock had previously closed at $8.42.

Analyst Upgrades and Downgrades

TLRY has been the topic of several analyst reports. Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a research note on Tuesday. They set a “hold” rating on the stock. Zacks Research downgraded shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Atb Cap Markets upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, January 21st. Finally, Roth Mkm cut their price objective on Tilray Brands from $20.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Tilray Brands has a consensus rating of “Reduce” and an average price target of $13.33.

Tilray Brands Trading Down 2.1%

The company has a quick ratio of 1.72, a current ratio of 2.81 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $9.33 and a 200-day moving average price of $10.93. The company has a market capitalization of $869.16 million, a price-to-earnings ratio of -0.34 and a beta of 1.77.

Tilray Brands (NASDAQ:TLRY) last announced its earnings results 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). The business had revenue of $217.51 million for the quarter, compared to the consensus estimate of $211.15 million. Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. During the same quarter in the previous year, the company earned ($0.03) EPS. Research analysts predict that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TLRY. Tidal Investments LLC raised its position in shares of Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after acquiring an additional 3,776,410 shares during the last quarter. Millennium Management LLC increased its position in Tilray Brands by 281.0% in the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after purchasing an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Tilray Brands during the 3rd quarter worth about $5,813,000. Ausdal Financial Partners Inc. acquired a new position in Tilray Brands during the 2nd quarter valued at about $939,000. Finally, Scientech Research LLC acquired a new position in Tilray Brands during the 3rd quarter valued at about $1,748,000. Institutional investors own 9.35% of the company’s stock.

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.