Tilray Brands (NASDAQ:TLRY) Shares Down 4.1% – Time to Sell?

Tilray Brands, Inc. (NASDAQ:TLRY) traded down 4.1% during mid-day trading on Friday. The stock traded as low as $2.80 and last traded at $2.81. Approximately 3,696,215 shares traded hands during trading, a decline of 12% from the average session volume of 4,219,726 shares. The stock had previously closed at $2.93.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TLRY shares. Canaccord Genuity Group decreased their price target on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating for the company in a research note on Friday, October 9th. TD cut their price objective on Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a research report on Monday, October 5th. TD Cowen dropped their price target on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. Zacks Research downgraded Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. Finally, TD Securities raised 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, three have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.90.

Tilray Brands Stock Down 4.1%

The stock’s 50 day simple moving average is $4.02 and its two-hundred day simple moving average is $4.80. The firm has a market cap of $415.29 million, a P/E ratio of -2.01 and a beta of 1.91. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.16. The firm had revenue of $257.15 million for the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. As a group, research analysts forecast that Tilray Brands, Inc. will post -0.52 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Carl Merton acquired 10,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the purchase, the chief financial officer owned 139,753 shares of the company’s stock, valued at $645,658.86. This represents a 7.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders purchased 15,000 shares of company stock worth $69,225. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tilray Brands

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Tilray Brands in the 2nd quarter worth about $2,073,000. Swiss National Bank grew its position in Tilray Brands by 4.1% during the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock valued at $1,491,000 after purchasing an additional 9,100 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Tilray Brands by 6.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company’s stock valued at $935,000 after purchasing an additional 11,894 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Tilray Brands by 82.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock valued at $568,000 after purchasing an additional 39,801 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Tilray Brands during the 2nd quarter valued at about $381,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.