Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.6% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price was down 2.6% during trading on Monday . The company traded as low as $5.10 and last traded at $5.18. Approximately 3,406,956 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 4,518,290 shares. The stock had previously closed at $5.32.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TLRY shares. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. TD Cowen cut their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 30th. ATB Cormark Capital Markets cut their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a report on Thursday, April 2nd. Canaccord Genuity Group started coverage on shares of Tilray Brands in a report on Tuesday, January 27th. They set a “hold” rating on the stock. Finally, Zacks Research upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.50.

Tilray Brands Trading Down 2.6%

The stock has a 50-day moving average of $6.53 and a 200 day moving average of $8.41. The stock has a market cap of $603.73 million, a PE ratio of -0.38 and a beta of 1.94. The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19.

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

Insider Buying and Selling

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total value of $232,878.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tilray Brands

Several hedge funds have recently bought and sold shares of the stock. Entropy Technologies LP purchased a new stake in Tilray Brands in the 1st quarter worth approximately $123,000. Baader Bank Aktiengesellschaft boosted its position in Tilray Brands by 17.7% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock worth $293,000 after purchasing an additional 7,226 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Tilray Brands by 82.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after purchasing an additional 39,801 shares in the last quarter. Swiss National Bank boosted its position in Tilray Brands by 4.1% in the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after purchasing an additional 9,100 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in Tilray Brands in the 1st quarter worth approximately $94,000. Hedge funds and other 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.