Tilray Brands (NASDAQ:TLRY) Trading Down 2.8% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 2.8% on Friday . The stock traded as low as $3.80 and last traded at $3.88. 6,559,208 shares changed hands during trading, an increase of 56% from the average session volume of 4,211,266 shares. The stock had previously closed at $3.99.

Analyst Ratings Changes

Several brokerages recently weighed in on TLRY. TD Cowen decreased their price objective on Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Roth Capital upgraded shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Thursday, April 2nd. Finally, ATB Cormark Capital Markets reduced their target price on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a research note on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.00.

Tilray Brands Trading Down 2.8%

The firm has a 50-day simple moving average of $4.82 and a 200-day simple moving average of $6.45. 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 cap of $452.21 million, a PE ratio of -0.28 and a beta of 1.89.

Institutional Trading of Tilray Brands

Institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC boosted its stake in Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after purchasing an additional 3,776,410 shares during the period. Millennium Management LLC increased its position in shares of Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after buying an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Tilray Brands during the third quarter valued at about $5,813,000. Ausdal Financial Partners Inc. bought a new stake in shares of Tilray Brands during the second quarter valued at about $939,000. Finally, Swiss National Bank lifted its holdings in shares of Tilray Brands by 4.4% in the third quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock worth $3,483,000 after buying an additional 84,900 shares in the last quarter. Hedge funds and other institutional investors 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.