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

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price gapped down prior to trading on Friday . The stock had previously closed at $1.03, but opened at $0.8851. Tilray Brands shares last traded at $0.8250, with a volume of 37,651,193 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Jefferies Financial Group boosted their target price on shares of Tilray Brands from $1.50 to $2.00 and gave the company a “buy” rating in a report on Monday, August 25th. Wall Street Zen raised Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Atb Cap Markets cut Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.00.

Tilray Brands Trading Down 19.3%

The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $933.10 million, a P/E ratio of -0.37 and a beta of 2.04. The firm’s 50 day simple moving average is $1.36 and its two-hundred day simple moving average is $0.94.

Tilray Brands’s stock is set to reverse split on the morning of Tuesday, December 2nd. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 1st.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Silverlake Wealth Management LLC acquired a new stake in Tilray Brands in the third quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new position in shares of Tilray Brands in the 3rd quarter worth $25,000. Unified Investment Management acquired a new stake in Tilray Brands in the 3rd quarter valued at $26,000. J.W. Cole Advisors Inc. grew its position in Tilray Brands by 203.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock valued at $30,000 after purchasing an additional 48,177 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in Tilray Brands during the 3rd quarter valued at $30,000. 9.35% of the stock is owned by institutional investors and hedge funds.

Tilray Brands Company Profile

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.