Tilray Brands (NASDAQ:TLRY) Shares Down 5.2% Following Analyst Downgrade

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 5.2% on Monday after TD Cowen lowered their price target on the stock from $10.00 to $7.00. TD Cowen currently has a buy rating on the stock. Tilray Brands traded as low as $5.93 and last traded at $5.99. Approximately 2,744,698 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 3,628,404 shares. The stock had previously closed at $6.32.

Several other equities research analysts have also issued reports on the company. Wall Street Zen raised Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a report on Tuesday, January 27th. They issued a “hold” rating on the stock. Roth Mkm decreased their price objective on shares of Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, January 20th. Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Tilray Brands presently has an average rating of “Hold” and an average price target of $11.75.

Institutional Trading of Tilray Brands

Several hedge funds have recently made changes to their positions in the company. Alpine Global Management LLC bought a new position in shares of Tilray Brands during the 4th quarter worth $169,000. Voloridge Investment Management LLC bought a new stake in Tilray Brands in the 4th quarter valued at about $824,000. Polymer Capital Management US LLC bought a new stake in Tilray Brands in the 4th quarter valued at about $1,058,000. Engineers Gate Manager LP purchased a new stake in Tilray Brands during the fourth quarter valued at about $126,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in Tilray Brands by 4.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 144,358 shares of the company’s stock valued at $1,304,000 after purchasing an additional 6,182 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors.

Tilray Brands Price Performance

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 stock has a market cap of $697.88 million, a P/E ratio of -0.27 and a beta of 1.96. The business’s 50-day simple moving average is $7.53 and its two-hundred day simple moving average is $10.35.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings results on Thursday, January 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.12. The company had revenue of $217.51 million for the quarter, compared to analyst estimates 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 firm posted ($0.03) earnings per share. Sell-side analysts expect that Tilray Brands, Inc. will post -0.2 EPS for the current year.

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.