Tilray Brands (NASDAQ:TLRY) Trading Down 3.7% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) dropped 3.7% during trading on Thursday . The company traded as low as $6.93 and last traded at $6.95. Approximately 2,415,825 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 3,978,633 shares. The stock had previously closed at $7.22.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Roth Mkm dropped their target price on Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, January 20th. Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a research report on Tuesday, January 27th. They set a “hold” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, January 21st. Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, ATB Cormark Capital Markets upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 10th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.33.

Tilray Brands Price Performance

The stock has a market capitalization of $802.75 million, a price-to-earnings ratio of -0.31 and a beta of 1.96. 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 business’s 50 day simple moving average is $8.08 and its 200-day simple moving average is $10.79.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Thursday, January 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.12. The company had revenue of $217.51 million during the quarter, compared to analysts’ expectations of $211.15 million. Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. During the same period in the previous year, the company earned ($0.03) EPS. On average, research analysts forecast that Tilray Brands, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray Brands

Large investors have recently modified their holdings of the business. Tidal Investments LLC raised its holdings in shares of Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after buying an additional 3,776,410 shares in the last quarter. Millennium Management LLC grew its position in Tilray Brands by 281.0% in the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after acquiring an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Tilray Brands in the third quarter valued at about $5,813,000. Ausdal Financial Partners Inc. acquired a new position in Tilray Brands during the second quarter worth about $939,000. Finally, Swiss National Bank lifted its holdings in shares of Tilray Brands by 4.4% in the third quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock worth $3,483,000 after acquiring an additional 84,900 shares during the last quarter. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.