Tilray Brands (NASDAQ:TLRY) Stock Falls 2.7% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price was down 2.7% during trading on Monday. The stock traded as low as $3.98 and last traded at $4.02. 3,768,564 shares traded hands during trading, a decline of 10% from the average session volume of 4,183,427 shares. The stock had previously closed at $4.13.

Analyst Ratings Changes

A number of brokerages have issued reports on TLRY. ATB Cormark Capital Markets decreased their price target on Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, September 21st. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 21st. TD Cowen cut 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. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, TD Securities raised Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.00.

Tilray Brands Stock Performance

The stock has a market cap of $538.01 million, a price-to-earnings ratio of -3.66 and a beta of 1.92. The company’s 50-day simple moving average is $4.36 and its 200-day simple moving average is $5.18. The company has a quick ratio of 1.37, a current ratio of 2.21 and a debt-to-equity ratio of 0.22.

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

Insider Buying and Selling at Tilray Brands

In related news, CFO Carl Merton purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, with a total value of $46,200.00. Following the purchase, the chief financial officer owned 139,753 shares of the company’s stock, valued at $645,658.86. This trade represents a 7.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders acquired 15,000 shares of company stock valued at $69,225. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

Hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP grew its position in Tilray Brands by 124.1% during the 2nd 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 acquired a new stake in Tilray Brands during the 2nd quarter worth about $27,000. Squarepoint Ops LLC purchased a new position in Tilray Brands during the 2nd quarter valued at about $192,000. Amundi purchased a new stake in shares of Tilray Brands in the second quarter worth approximately $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Tilray Brands during the second quarter worth approximately $75,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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.