Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.8% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price traded down 2.8% on Friday . The stock traded as low as $3.80 and last traded at $3.88. 6,559,208 shares were traded during trading, an increase of 56% from the average session volume of 4,211,266 shares. The stock had previously closed at $3.99.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TLRY. ATB Cormark Capital Markets dropped their target price on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a report on Thursday, April 2nd. TD Cowen decreased their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. Finally, Roth Capital upgraded shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Tilray Brands currently has a consensus rating of “Hold” and an average price target of $11.00.

Tilray Brands Trading Down 2.8%

The firm has a market capitalization of $452.21 million, a PE ratio of -0.28 and a beta of 1.89. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66. The company has a fifty day moving average of $4.79 and a 200-day moving average of $6.44.

Institutional Investors Weigh In On Tilray Brands

Hedge funds and other institutional investors have recently made changes to their positions in the company. Essential Partners LLC lifted its holdings in shares of Tilray Brands by 110,137.5% during the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock valued at $57,000 after buying an additional 8,811 shares during the last quarter. Entropy Technologies LP acquired a new position in Tilray Brands in the first quarter worth approximately $123,000. Baader Bank Aktiengesellschaft raised its position in Tilray Brands by 17.7% during the first quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock valued at $293,000 after acquiring an additional 7,226 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Tilray Brands by 82.9% during the first quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock valued at $568,000 after acquiring an additional 39,801 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Tilray Brands by 4.1% in the first quarter. Swiss National Bank now owns 230,503 shares of the company’s stock valued at $1,491,000 after acquiring an additional 9,100 shares during the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

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.