Tilray Brands (NASDAQ:TLRY) Stock Price Down 3.6% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 3.6% during trading on Tuesday . The company traded as low as $3.98 and last traded at $3.99. Approximately 3,194,654 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 4,233,823 shares. The stock had previously closed at $4.14.

Wall Street Analyst Weigh In

Several brokerages have commented on TLRY. Weiss Ratings raised shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 24th. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. TD Cowen decreased their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. Finally, TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.00.

Tilray Brands Stock Performance

The stock has a 50 day moving average of $4.42 and a 200 day moving average of $5.45. 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 firm has a market cap of $543.44 million, a price-to-earnings ratio of -3.69 and a beta of 1.92.

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

Insider Activity

In related news, CFO Carl Merton bought 10,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. This represents a 7.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders have purchased 15,000 shares of company stock worth $69,225. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

Hedge funds have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. acquired a new position in Tilray Brands in the 4th quarter valued at approximately $4,855,000. BlackRock Inc. bought a new position in shares of Tilray Brands during the second quarter worth about $2,073,000. Legal & General Group Plc acquired a new position in shares of Tilray Brands in the second quarter worth approximately $381,000. Squarepoint Ops LLC acquired a new position in Tilray Brands in the second quarter valued at approximately $192,000. Finally, Jupiter Topco LLC bought a new stake in shares of Tilray Brands in the 2nd quarter valued at $188,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.