Tilray Brands (NASDAQ:TLRY) Shares Down 8.4% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares traded down 8.4% during mid-day trading on Wednesday . The stock traded as low as $7.03 and last traded at $7.06. 8,579,906 shares changed hands during trading, an increase of 71% from the average session volume of 5,012,430 shares. The stock had previously closed at $7.71.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TLRY shares. Wall Street Zen upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Atb Cap Markets downgraded shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group boosted their price target on shares of Tilray Brands from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, August 25th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.00.

Tilray Brands Price Performance

The company’s 50 day simple moving average is $13.36 and its 200 day simple moving average is $9.55. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.62 and a quick ratio of 1.56. The stock has a market cap of $792.74 million, a P/E ratio of -3.11 and a beta of 1.76.

Institutional Inflows and Outflows

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

Tilray Brands Company Profile

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.