Tilray Brands (NASDAQ:TLRY) Shares Down 6.6% – Time to Sell?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price dropped 6.6% during trading on Monday . The company traded as low as $10.38 and last traded at $10.42. Approximately 11,147,884 shares changed hands during trading, an increase of 81% from the average daily volume of 6,172,646 shares. The stock had previously closed at $11.16.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TLRY shares. Atb Cap Markets raised Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Tilray Brands Stock Down 4.2%

The company has a market capitalization of $1.13 billion, a P/E ratio of -0.44 and a beta of 1.76. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $11.35 and a 200-day simple moving average of $10.13.

Institutional Trading of Tilray Brands

Hedge funds have recently bought and sold shares of the stock. Silverlake Wealth Management LLC bought a new position in Tilray Brands in the third quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new stake in Tilray Brands in the 3rd quarter valued at $25,000. Unified Investment Management bought a new stake in Tilray Brands in the 3rd quarter valued at $26,000. J.W. Cole Advisors Inc. boosted its stake in Tilray Brands by 203.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock worth $30,000 after purchasing an additional 48,177 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in Tilray Brands during the 3rd quarter worth about $30,000. 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.