Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.6% – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 2.6% during trading on Monday . The company traded as low as $7.44 and last traded at $7.55. Approximately 2,922,014 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 4,469,622 shares. The stock had previously closed at $7.75.

Analyst Upgrades and Downgrades

TLRY has been the topic of a number of research reports. Roth Mkm lowered their price objective on 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 report on Wednesday, December 10th. Wall Street Zen upgraded shares of Tilray Brands from a “sell” rating to a “hold” rating in a research report on Sunday. Canaccord Genuity Group began coverage on shares of Tilray Brands in a research note on Tuesday, January 27th. They issued a “hold” rating on the stock. Finally, Zacks Research upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.33.

Tilray Brands Stock Performance

The stock has a market capitalization of $879.65 million, a price-to-earnings ratio of -0.34 and a beta of 2.02. The company has a quick ratio of 1.72, a current ratio of 2.81 and a debt-to-equity ratio of 0.19. The stock’s 50-day simple moving average is $8.95 and its 200 day simple moving average is $11.12.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings data on Thursday, January 8th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.27). The firm had revenue of $217.51 million for the quarter, compared to analyst estimates of $211.15 million. Tilray Brands had a negative return on equity of 6.35% and a negative net margin of 251.69%.During the same period in the previous year, the business posted ($0.03) EPS. Analysts expect that Tilray Brands, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Tilray Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hilton Head Capital Partners LLC bought a new stake in Tilray Brands during the 4th quarter worth about $38,000. Engineers Gate Manager LP bought a new stake in Tilray Brands during the 4th quarter worth about $126,000. Oppenheimer & Co. Inc. acquired a new position in Tilray Brands during the 3rd quarter valued at about $25,000. Silverlake Wealth Management LLC acquired a new position in Tilray Brands during the 3rd quarter valued at about $25,000. Finally, Unified Investment Management bought a new position in shares of Tilray Brands in the 3rd quarter valued at about $26,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

About Tilray Brands

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.