Tilray Brands (NASDAQ:TLRY) Stock Price Down 4.9% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares were down 4.9% on Wednesday . The stock traded as low as $4.60 and last traded at $4.64. Approximately 4,098,246 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 4,288,847 shares. The stock had previously closed at $4.88.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. TD Securities raised Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. TD Cowen lowered their target price 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. Finally, Weiss Ratings upgraded shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Tilray Brands has a consensus rating of “Hold” and an average price target of $8.00.

Tilray Brands Trading Down 4.9%

The stock has a market cap of $631.97 million, a price-to-earnings ratio of -4.30 and a beta of 1.90. The company has a quick ratio of 1.37, a current ratio of 2.21 and a debt-to-equity ratio of 0.22. The business’s 50 day simple moving average is $4.48 and its 200 day simple moving average is $5.76.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.42). Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. The business had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. On average, research analysts expect that Tilray Brands, Inc. will post -0.42 EPS for the current fiscal year.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl A. Merton purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased 15,000 shares of company stock worth $69,225 over the last quarter. 0.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its holdings in shares of Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after buying an additional 3,776,410 shares in the last quarter. Millennium Management LLC raised its stake in Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after acquiring an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Tilray Brands during the third quarter worth about $5,813,000. Ausdal Financial Partners Inc. bought a new position in shares of Tilray Brands in the second quarter worth about $939,000. Finally, Swiss National Bank grew its holdings in shares of Tilray Brands by 4.4% during the 3rd quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock valued at $3,483,000 after purchasing an additional 84,900 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.