Tilray Brands (NASDAQ:TLRY) Trading Down 5.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares traded down 5.5% on Thursday . The company traded as low as $1.20 and last traded at $1.21. 35,928,976 shares changed hands during trading, a decline of 28% from the average session volume of 50,123,109 shares. The stock had previously closed at $1.28.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Atb Cap Markets downgraded Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Jefferies Financial Group boosted their price target on Tilray Brands from $1.50 to $2.00 and gave the company a “buy” rating in a research note on Monday, August 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Zelman & Associates reaffirmed a “neutral” rating on shares of Tilray Brands in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.00.

Tilray Brands Stock Up 2.5%

The company has a market capitalization of $1.39 billion, a PE ratio of -0.55 and a beta of 2.04. The company’s fifty day moving average is $1.39 and its 200-day moving average is $0.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62.

Tilray Brands (NASDAQ:TLRY) last posted its quarterly earnings results on Thursday, October 9th. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.03. The business had revenue of $209.50 million during the quarter, compared to analyst estimates of $205.75 million. Tilray Brands had a negative net margin of 258.54% and a negative return on equity of 6.79%. As a group, analysts predict that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

Several large investors have recently made changes to their positions in the business. Concurrent Investment Advisors LLC bought a new stake in shares of Tilray Brands during the first quarter valued at approximately $50,000. Baader Bank Aktiengesellschaft grew its stake in Tilray Brands by 11.0% during the second quarter. Baader Bank Aktiengesellschaft now owns 339,706 shares of the company’s stock valued at $134,000 after acquiring an additional 33,684 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Tilray Brands by 12.7% in the 2nd quarter. Vontobel Holding Ltd. now owns 272,662 shares of the company’s stock valued at $113,000 after acquiring an additional 30,818 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Tilray Brands by 49.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,189 shares of the company’s stock valued at $111,000 after acquiring an additional 55,981 shares during the last quarter. Finally, Stratos Wealth Partners LTD. lifted its stake in Tilray Brands by 704.5% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 81,272 shares of the company’s stock worth $34,000 after purchasing an additional 71,170 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.