Tilray Brands (NASDAQ:TLRY) Given New $6.00 Price Target at ATB Cormark Capital Markets

Tilray Brands (NASDAQ:TLRY) had its price objective reduced by equities research analysts at ATB Cormark Capital Markets from $8.00 to $6.00 in a research report issued on Monday, BayStreet reports. The brokerage presently has a “sector perform” rating on the stock. ATB Cormark Capital Markets’ target price indicates a potential upside of 46.88% from the company’s current price.

A number of other research analysts have also recently issued reports on TLRY. TD Cowen cut their price objective on 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 upgraded shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 24th. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. Finally, Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Tilray Brands presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Tilray Brands Stock Performance

Shares of TLRY traded up $0.10 during mid-day trading on Monday, hitting $4.08. The company’s stock had a trading volume of 2,698,844 shares, compared to its average volume of 4,209,563. The stock’s 50-day moving average is $4.39 and its two-hundred day moving average is $5.34. The firm has a market capitalization of $556.38 million, a PE ratio of -3.77 and a beta of 1.92. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21. Tilray Brands has a one year low of $3.67 and a one year high of $23.20.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. As a group, sell-side analysts anticipate that Tilray Brands will post -0.42 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hilton Head Capital Partners LLC bought a new stake in shares of Tilray Brands during the fourth quarter worth $38,000. Integrated Wealth Concepts LLC bought a new position in Tilray Brands in the second quarter valued at about $27,000. Essential Partners LLC increased its position in Tilray Brands by 110,137.5% in the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after purchasing an additional 8,811 shares during the period. Deutsche Bank AG acquired a new stake in Tilray Brands in the second quarter worth about $44,000. Finally, Corient Private Wealth LP bought a new stake in Tilray Brands during the 2nd quarter worth about $53,000. 9.35% of the stock is 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.