Tilray Brands (NASDAQ:TLRY) Stock Price Down 3.7% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded down 3.7% during trading on Monday . The company traded as low as $9.18 and last traded at $9.24. 5,568,789 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 6,196,250 shares. The stock had previously closed at $9.60.

Analyst Upgrades and Downgrades

TLRY has been the topic of several research reports. Wall Street Zen raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Atb Cap Markets upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 10th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.00.

Tilray Brands Price Performance

The company has a 50 day moving average price of $10.88 and a 200-day moving average price of $10.33. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -0.40 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.

Institutional Trading of Tilray Brands

Several institutional investors have recently modified their holdings of TLRY. Tidal Investments LLC raised its position in 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 purchasing an additional 3,776,410 shares during the last quarter. Millennium Management LLC increased its stake in shares of Tilray Brands by 281.0% in 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. acquired a new stake in shares of Tilray Brands in the third quarter valued at about $5,813,000. Ausdal Financial Partners Inc. bought a new position in shares of Tilray Brands during the second quarter worth about $939,000. Finally, Scientech Research LLC acquired a new position in shares of Tilray Brands in the third quarter worth approximately $1,748,000. 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.