Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.1% – What’s Next?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) fell 2.1% during trading on Wednesday . The stock traded as low as $4.63 and last traded at $4.68. 2,934,744 shares were traded during trading, a decline of 32% from the average daily volume of 4,329,600 shares. The stock had previously closed at $4.78.

Wall Street Analysts Forecast Growth

TLRY has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Tilray Brands in a report on Friday, August 7th. TD Cowen reduced their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded shares of Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Tilray Brands Stock Down 2.4%

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 company has a 50-day simple moving average of $4.53 and a two-hundred day simple moving average of $5.94. The stock has a market cap of $624.48 million, a P/E ratio of -4.25 and a beta of 1.90.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results 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 return on equity of 7.76% and a negative net margin of 13.11%.The firm had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. On average, equities analysts forecast that Tilray Brands, Inc. will post -0.4 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC grew its stake 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 purchasing an additional 3,776,410 shares during the last quarter. Millennium Management LLC raised its position in Tilray Brands by 281.0% during 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Tilray Brands in the 3rd quarter worth approximately $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in Tilray Brands in the 2nd quarter worth approximately $939,000. Finally, Scientech Research LLC purchased a new stake in Tilray Brands in the 3rd quarter worth approximately $1,748,000. 9.35% of the stock is owned by institutional investors.

Tilray Brands Company Profile

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.