Tilray Brands (NASDAQ:TLRY) Stock Price Down 5.3% – Time to Sell?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price dropped 5.3% during mid-day trading on Friday. The stock traded as low as $3.03 and last traded at $3.04. Approximately 2,925,854 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 4,226,404 shares. The stock had previously closed at $3.21.

Analyst Ratings Changes

A number of brokerages have recently commented on TLRY. Canaccord Genuity Group cut their target price on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a research note on Friday, October 9th. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Zacks Research downgraded Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 29th. ATB Cormark Capital Markets cut their price objective on Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, September 21st. Finally, TD Securities upgraded Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $5.90.

Tilray Brands Stock Performance

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 stock has a fifty day simple moving average of $4.18 and a two-hundred day simple moving average of $4.91. The stock has a market cap of $449.28 million, a PE ratio of -2.17 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. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. The company had revenue of $257.15 million for the quarter, compared to analyst estimates of $266.26 million. Equities analysts anticipate that Tilray Brands, Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at Tilray Brands

In other news, CFO Carl Merton purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average cost of $4.62 per share, with a total value of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired 15,000 shares of company stock valued at $69,225 in the last ninety days. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tilray Brands

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Tilray Brands in the 2nd quarter valued at about $2,073,000. SLT Holdings LLC acquired a new stake in shares of Tilray Brands during the third quarter valued at about $247,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Tilray Brands during the second quarter valued at about $27,000. Engineers Gate Manager LP increased its position in shares of Tilray Brands by 124.1% during the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company’s stock worth $273,000 after acquiring an additional 33,688 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Tilray Brands during the second quarter worth about $192,000. 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.