Tilray Brands (NASDAQ:TLRY) Shares Down 1.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares dropped 1.5% during trading on Tuesday . The company traded as low as $4.48 and last traded at $4.50. Approximately 3,461,349 shares were traded during mid-day trading, a decline of 19% from the average session volume of 4,259,230 shares. The stock had previously closed at $4.57.

Analysts Set New Price Targets

TLRY has been the subject of a number of analyst reports. Weiss Ratings raised Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 24th. TD Securities raised Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. TD Cowen cut their target price on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. Finally, Wall Street Zen downgraded Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $8.00.

Tilray Brands Trading Down 1.5%

The firm’s 50 day moving average price is $4.47 and its 200-day moving average price is $5.68. The stock has a market cap of $612.90 million, a P/E ratio of -4.17 and a beta of 1.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.42). The firm had revenue of $281.71 million for the quarter, compared to analysts’ expectations of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. As a group, equities research analysts forecast that Tilray Brands, Inc. will post -0.42 earnings per share for the current year.

Insider Transactions at Tilray Brands

In other Tilray Brands news, CFO Carl A. Merton bought 10,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were acquired at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the purchase, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders purchased 15,000 shares of company stock valued at $69,225. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Hilton Head Capital Partners LLC bought a new position in shares of Tilray Brands during the fourth quarter valued at $38,000. Cerity Partners LLC increased its holdings in Tilray Brands by 98.5% in the 2nd quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock worth $38,000 after buying an additional 45,929 shares in the last quarter. Marex Group plc bought a new stake in Tilray Brands in the 2nd quarter worth about $40,000. Hilton Capital Management LLC purchased a new position in Tilray Brands in the 2nd quarter worth about $41,000. Finally, Deutsche Bank AG purchased a new position in Tilray Brands in the 2nd quarter worth about $44,000. 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.