Tilray Brands (NASDAQ:TLRY) Shares Down 1.9% – What’s Next?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 1.9% during trading on Wednesday . The stock traded as low as $4.16 and last traded at $4.16. Approximately 2,735,633 shares changed hands during trading, a decline of 35% from the average session volume of 4,199,393 shares. The stock had previously closed at $4.24.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TLRY. Roth Capital upgraded Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research report on Thursday, April 2nd. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. ATB Cormark Capital Markets lowered their price target 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. Finally, TD Cowen dropped their price target on Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.00.

Tilray Brands Trading Down 1.9%

The company has a 50-day moving average of $4.82 and a 200 day moving average of $6.45. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66. The company has a market cap of $456.29 million, a PE ratio of -0.29 and a beta of 1.89.

Institutional Investors Weigh In On Tilray Brands

Large investors have recently added to or reduced their stakes in the stock. Essential Partners LLC boosted its holdings in shares of Tilray Brands by 110,137.5% in the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock valued at $57,000 after purchasing an additional 8,811 shares during the period. Entropy Technologies LP purchased a new position in Tilray Brands during the 1st quarter worth $123,000. Baader Bank Aktiengesellschaft raised its position in Tilray Brands by 17.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock valued at $293,000 after purchasing an additional 7,226 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Tilray Brands by 82.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock valued at $568,000 after purchasing an additional 39,801 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Tilray Brands by 4.1% in the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after buying an additional 9,100 shares during the period. 9.35% of the stock is owned by hedge funds and other 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.