Tilray Brands (NASDAQ:TLRY) Shares Down 3.6% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares were down 3.6% during trading on Tuesday . The stock traded as low as $5.66 and last traded at $5.69. Approximately 6,093,962 shares were traded during mid-day trading, an increase of 32% from the average daily volume of 4,600,414 shares. The stock had previously closed at $5.90.

Analysts Set New Price Targets

Several analysts have commented on TLRY shares. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Weiss Ratings upgraded Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Canaccord Genuity Group started coverage on Tilray Brands in a report on Tuesday, January 27th. They set a “hold” rating for the company. Roth Mkm upgraded Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a report on Thursday, April 2nd. Finally, Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Tilray Brands has a consensus rating of “Hold” and a consensus target price of $11.50.

Tilray Brands Stock Down 3.6%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The firm has a market cap of $663.16 million, a PE ratio of -0.42 and a beta of 1.94. The stock has a fifty day moving average price of $6.92 and a 200-day moving average price of $9.02.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.The firm had revenue of $206.73 million for the quarter, compared to analysts’ expectations of $201.35 million. During the same quarter in the previous year, the firm posted ($0.87) EPS. Research analysts expect that Tilray Brands, Inc. will post -0.58 EPS for the current year.

Insider Activity

In other news, Director David G. Hopkinson sold 33,556 shares of the business’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total transaction of $232,878.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Tilray Brands

A number of institutional investors and hedge funds have recently bought and sold shares of TLRY. Silverlake Wealth Management LLC purchased a new position in Tilray Brands in the 3rd quarter worth approximately $25,000. Oppenheimer & Co. Inc. purchased a new position in Tilray Brands in the 3rd quarter worth approximately $25,000. Unified Investment Management purchased a new position in Tilray Brands in the 3rd quarter worth approximately $26,000. Y Intercept Hong Kong Ltd purchased a new position in Tilray Brands in the 3rd quarter worth approximately $30,000. Finally, HighPoint Advisor Group LLC purchased a new position in Tilray Brands in the 3rd quarter worth approximately $33,000. Hedge funds and other 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.