Tilray Brands (NASDAQ:TLRY) Shares Down 2.6% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded down 2.6% during mid-day trading on Tuesday . The stock traded as low as $4.45 and last traded at $4.49. 3,721,846 shares changed hands during trading, a decline of 13% from the average session volume of 4,268,778 shares. The stock had previously closed at $4.61.

Key Stories Impacting Tilray Brands

Here are the key news stories impacting Tilray Brands this week:

• Positive Sentiment: Tilray said it acquired HelloMD, a digital healthcare and patient-engagement platform, which should expand direct-to-patient access in Canada and strengthen its global medical cannabis platform. Article Title
• Positive Sentiment: Breckenridge Distillery, a Tilray subsidiary, earned Double Gold for its Rum Cask Finish and was named Colorado Distillery of the Year for the sixth straight year, adding another credibility boost to Tilray’s beverage portfolio. Article Title
• Positive Sentiment: Tilray Beer promoted Fourth of July and America’s 250th celebration events across its U.S. craft brands, supporting brand awareness and near-term traffic at taprooms. Article Title
• Neutral Sentiment: Several market commentaries highlighted cannabis stocks and the possibility of a Schedule III / 280E tax change, but these are industry-wide themes rather than company-specific catalysts. Article Title
• Negative Sentiment: Despite the recent announcements, Tilray remains weighed down by weak profitability and prior earnings disappointment, with the stock still well below its longer-term averages.

Wall Street Analyst Weigh In

Several research firms have recently commented on TLRY. Wall Street Zen raised Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. ATB Cormark Capital Markets dropped their price target on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. TD Cowen reduced their price target 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. Roth Mkm raised Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Thursday, April 2nd. Finally, Weiss Ratings lowered Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Tilray Brands currently has an average rating of “Hold” and an average target price of $11.50.

Tilray Brands Price Performance

The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $523.31 million, a price-to-earnings ratio of -0.33 and a beta of 1.88. The business’s 50 day simple moving average is $5.50 and its 200-day simple moving average is $7.22.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $206.73 million during the quarter, compared to analyst estimates of $201.35 million. During the same quarter in the previous year, the firm posted ($0.87) earnings per share. On average, research analysts forecast 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 that occurred on Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total transaction of $232,878.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently modified their holdings of TLRY. Essential Partners LLC raised its holdings in shares of Tilray Brands by 110,137.5% during the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of Tilray Brands during the 1st quarter worth $123,000. Baader Bank Aktiengesellschaft grew its position in Tilray Brands by 17.7% in the first quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock valued at $293,000 after acquiring an additional 7,226 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Tilray Brands by 82.9% during the first quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after acquiring an additional 39,801 shares in the last quarter. Finally, Swiss National Bank raised its stake in Tilray Brands by 4.1% during the first quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after acquiring an additional 9,100 shares in the last quarter. 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.