Tilray Brands (NASDAQ:TLRY) Stock Falls 5.1% Following Analyst Downgrade

Tilray Brands, Inc. (NASDAQ:TLRY) shares traded down 5.1% on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $3.68 and last traded at $3.75. Approximately 7,415,399 shares were traded during mid-day trading, an increase of 77% from the average session volume of 4,198,470 shares. The stock had previously closed at $3.95.

Other equities research analysts also recently issued reports about the stock. TD Cowen cut their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. ATB Cormark Capital Markets cut their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, September 21st. Finally, Weiss Ratings cut shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Tilray Brands has a consensus rating of “Hold” and an average target price of $7.00.

Insider Transactions at Tilray Brands

In other news, CFO Carl Merton purchased 10,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were acquired at an average price of $4.62 per share, with a total value of $46,200.00. Following the completion of the transaction, the chief financial officer owned 139,753 shares of the company’s stock, valued at $645,658.86. The trade was a 7.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 15,000 shares of company stock valued at $69,225 in the last quarter. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP increased its holdings in Tilray Brands by 124.1% in the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company’s stock worth $273,000 after purchasing an additional 33,688 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Tilray Brands during the 2nd quarter worth approximately $27,000. Squarepoint Ops LLC acquired a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $192,000. Amundi acquired a new stake in shares of Tilray Brands during the 2nd quarter worth approximately $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Tilray Brands in the 2nd quarter valued at $75,000. 9.35% of the stock is owned by institutional investors and hedge funds.

Tilray Brands Stock Down 4.8%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21. The firm’s 50 day moving average price is $4.34 and its two-hundred day moving average price is $5.14. The company has a market cap of $486.23 million, a P/E ratio of -3.31 and a beta of 1.91.

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). Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%.The company had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. Equities research analysts anticipate that Tilray Brands, Inc. will post -0.42 EPS for the current fiscal year.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.