Tilray Brands (NASDAQ:TLRY) Trading Down 4.4% – What’s Next?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 4.4% during trading on Friday . The stock traded as low as $1.06 and last traded at $1.08. Approximately 58,940,202 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 49,933,449 shares. The stock had previously closed at $1.13.

Analyst Ratings Changes

A number of brokerages have commented on TLRY. Zelman & Associates reissued a “neutral” rating on shares of Tilray Brands in a research note on Tuesday, July 29th. Jefferies Financial Group lifted their price objective on 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 upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Atb Cap Markets lowered shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a report on Thursday, October 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Tilray Brands presently has an average rating of “Hold” and a consensus price target of $2.00.

Tilray Brands Price Performance

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 company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -0.48 and a beta of 2.04. The stock’s 50-day simple moving average is $1.39 and its two-hundred day simple moving average is $0.90.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft grew its holdings in shares of Tilray Brands by 11.0% during the second quarter. Baader Bank Aktiengesellschaft now owns 339,706 shares of the company’s stock worth $134,000 after buying an additional 33,684 shares in the last quarter. Vontobel Holding Ltd. increased its position in Tilray Brands by 12.7% during the second quarter. Vontobel Holding Ltd. now owns 272,662 shares of the company’s stock worth $113,000 after purchasing an additional 30,818 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Tilray Brands by 49.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,189 shares of the company’s stock valued at $111,000 after buying an additional 55,981 shares during the period. Stratos Wealth Partners LTD. boosted its stake in Tilray Brands by 704.5% during the second quarter. Stratos Wealth Partners LTD. now owns 81,272 shares of the company’s stock worth $34,000 after buying an additional 71,170 shares during the period. Finally, SBI Securities Co. Ltd. increased its holdings in Tilray Brands by 17.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 276,332 shares of the company’s stock valued at $182,000 after purchasing an additional 40,679 shares during the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

About Tilray Brands

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.