Tilray Brands (NASDAQ:TLRY) Shares Down 5.8% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) dropped 5.8% during mid-day trading on Thursday . The stock traded as low as $6.52 and last traded at $6.54. Approximately 1,901,006 shares were traded during trading, a decline of 48% from the average daily volume of 3,675,064 shares. The stock had previously closed at $6.94.

Wall Street Analysts Forecast Growth

TLRY has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, January 21st. Roth Mkm reduced their target price on shares of Tilray Brands from $20.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 20th. ATB Cormark Capital Markets raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 10th. Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Canaccord Genuity Group assumed coverage on Tilray Brands in a research report on Tuesday, January 27th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tilray Brands currently has a consensus rating of “Hold” and an average price target of $13.33.

Tilray Brands Price Performance

The company has a current ratio of 2.81, a quick ratio of 1.72 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $761.98 million, a P/E ratio of -0.30 and a beta of 1.96. The company has a fifty day simple moving average of $7.66 and a two-hundred day simple moving average of $10.42.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Thursday, January 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.12. Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. The company had revenue of $217.51 million for the quarter, compared to analyst estimates of $211.15 million. During the same quarter last year, the firm earned ($0.03) EPS. Sell-side analysts expect that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Tilray Brands

A number of institutional investors have recently bought and sold shares of the business. Hilton Head Capital Partners LLC acquired a new position in shares of Tilray Brands in the 4th quarter valued at $38,000. Engineers Gate Manager LP acquired a new position in shares of Tilray Brands in the 4th quarter valued at $126,000. Oppenheimer & Co. Inc. bought a new position in Tilray Brands during the third quarter worth about $25,000. Silverlake Wealth Management LLC acquired a new position in Tilray Brands in the third quarter valued at about $25,000. Finally, Unified Investment Management bought a new stake in shares of Tilray Brands in the third quarter worth about $26,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Brands Company Profile

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.