Tilray Brands (NASDAQ:TLRY) Shares Down 4% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) traded down 4% on Wednesday. The company traded as low as $3.10 and last traded at $3.14. 4,566,251 shares were traded during trading, an increase of 8% from the average daily volume of 4,240,356 shares. The stock had previously closed at $3.27.

Wall Street Analyst Weigh In

TLRY has been the subject of several research reports. TD dropped their price target on Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a report on Monday, October 5th. Weiss Ratings raised Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, October 8th. ATB Cormark Capital Markets decreased their price objective on Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, September 21st. Canaccord Genuity Group lowered their price objective on Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a research report on Friday, October 9th. Finally, Zacks Research downgraded Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. One 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 stock. According to MarketBeat, Tilray Brands has a consensus rating of “Hold” and an average target price of $5.90.

Tilray Brands Stock Down 4.0%

The company has a current ratio of 1.88, a quick ratio of 1.11 and a debt-to-equity ratio of 0.17. The firm’s 50 day simple moving average is $4.23 and its two-hundred day simple moving average is $4.96. The firm has a market cap of $427.67 million, a price-to-earnings ratio of -2.24 and a beta of 1.91.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.16. The firm had revenue of $257.15 million during the quarter, compared to the consensus estimate of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. On average, equities analysts forecast that Tilray Brands, Inc. will post -0.48 EPS for the current year.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased 15,000 shares of company stock worth $69,225 over the last quarter. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tilray Brands

A number of large investors have recently added to or reduced their stakes in TLRY. BlackRock Inc. acquired a new position in Tilray Brands in the 2nd quarter valued at $2,073,000. Swiss National Bank lifted its position in shares of 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 acquiring an additional 9,100 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 worth $935,000 after purchasing an additional 11,894 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Tilray Brands by 82.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after purchasing an additional 39,801 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Tilray Brands during the 2nd quarter worth $381,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.