Tilray Brands (NASDAQ:TLRY) Trading Down 4.8% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares traded down 4.8% on Friday . The stock traded as low as $4.85 and last traded at $4.94. 7,810,149 shares traded hands during trading, an increase of 78% from the average session volume of 4,384,611 shares. The stock had previously closed at $5.19.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TLRY. Weiss Ratings cut shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. ATB Cormark Capital Markets dropped their price target on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 2nd. Wall Street Zen raised Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, TD Cowen lowered their price objective on Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 30th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.50.

Tilray Brands Price Performance

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 business’s 50 day simple moving average is $6.07 and its 200-day simple moving average is $7.67. The stock has a market capitalization of $575.76 million, a price-to-earnings ratio of -0.36 and a beta of 1.88.

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

Insider Transactions at Tilray Brands

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the business’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds and other institutional investors have recently modified their holdings of TLRY. Tidal Investments LLC grew its position in 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 raised its position in shares of Tilray Brands by 281.0% during the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after buying an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Tilray Brands during the 3rd quarter worth about $5,813,000. Ausdal Financial Partners Inc. acquired a new stake in shares of Tilray Brands in the 2nd quarter worth approximately $939,000. Finally, Scientech Research LLC acquired a new position in shares of Tilray Brands during the third quarter valued at approximately $1,748,000. 9.35% of the stock is currently owned by institutional investors.

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.