Tilray Brands (NASDAQ:TLRY) Stock Price Down 1.1% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares were down 1.1% on Friday . The stock traded as low as $4.25 and last traded at $4.30. 2,393,608 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 4,220,113 shares. The stock had previously closed at $4.35.

Analyst Ratings Changes

A number of research firms have issued reports on TLRY. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. ATB Cormark Capital Markets cut their price objective on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a report on Thursday, April 2nd. TD Cowen reduced their price objective 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. Roth Capital upgraded Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a report on Thursday, April 2nd. Finally, Wall Street Zen raised shares of Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.00.

Tilray Brands Stock Performance

The firm has a market capitalization of $501.17 million, a price-to-earnings ratio of -0.32 and a beta of 1.89. 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 stock’s fifty day moving average is $4.92 and its two-hundred day moving average is $6.61.

Insider Buying and Selling at Tilray Brands

In other news, Director David G. Hopkinson sold 33,556 shares of Tilray Brands stock in a transaction dated 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 SEC, which can be accessed through this hyperlink. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds have recently bought and sold shares of TLRY. Hilton Head Capital Partners LLC purchased a new stake in Tilray Brands during the 4th quarter worth approximately $38,000. Essential Partners LLC boosted its stake 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 valued at $57,000 after buying an additional 8,811 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Tilray Brands during the fourth quarter worth approximately $126,000. R Squared Ltd acquired a new stake in shares of Tilray Brands during the first quarter worth approximately $94,000. Finally, Apollon Wealth Management LLC bought a new stake in shares of Tilray Brands in the first quarter worth $96,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.