Tilray Brands (NASDAQ:TLRY) Stock Price Down 3.6% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price fell 3.6% on Wednesday. The stock traded as low as $2.91 and last traded at $2.92. Approximately 4,182,727 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 4,209,940 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. TD dropped their price target on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a research note on Monday, October 5th. TD Cowen reduced their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. Weiss Ratings raised shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, October 8th. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, TD Securities upgraded Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.90.

Tilray Brands Stock Down 3.6%

The business’s 50 day moving average price is $4.09 and its 200-day moving average price is $4.85. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.11 and a current ratio of 1.88. The firm has a market capitalization of $431.54 million, a PE ratio of -2.09 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 for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.16. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. The firm had revenue of $257.15 million during the quarter, compared to analysts’ expectations of $266.26 million. As a group, equities research analysts forecast that Tilray Brands, Inc. will post -0.52 earnings per share for the current year.

Insider Activity

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was bought at an average price of $4.62 per share, with a total value of $46,200.00. Following the transaction, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. This represents a 7.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 15,000 shares of company stock worth $69,225 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TLRY. BlackRock Inc. acquired a new position in Tilray Brands during the 2nd quarter worth approximately $2,073,000. Legal & General Group Plc acquired a new stake in shares of Tilray Brands in the 2nd quarter valued at $381,000. SLT Holdings LLC acquired a new stake in shares of Tilray Brands in the 3rd quarter valued at $247,000. Squarepoint Ops LLC acquired a new stake in shares of Tilray Brands in the 2nd quarter valued at $192,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Tilray Brands during the 2nd quarter worth $188,000. Hedge funds and other institutional investors 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.