Tilray Brands (NASDAQ:TLRY) Stock Price Down 3.3% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares traded down 3.3% during trading on Thursday . The company traded as low as $4.55 and last traded at $4.67. Approximately 3,695,714 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 4,302,019 shares. The stock had previously closed at $4.83.

Analysts Set New Price Targets

Several research firms have recently issued reports on TLRY. Weiss Ratings reissued a “sell (e+)” rating on shares of Tilray Brands in a report on Friday, August 7th. TD Securities raised Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. TD Cowen cut their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. Finally, Wall Street Zen lowered shares of Tilray Brands from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Tilray Brands has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Tilray Brands Stock Up 3.6%

The firm has a 50 day simple moving average of $4.48 and a two-hundred day simple moving average of $5.81. The stock has a market capitalization of $659.21 million, a P/E ratio of -4.48 and a beta of 1.90. The company has a quick ratio of 1.37, a current ratio of 2.21 and a debt-to-equity ratio of 0.22.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.42). Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. The business had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. On average, equities research analysts expect that Tilray Brands, Inc. will post -0.42 earnings per share for the current year.

Insider Transactions at Tilray Brands

In other Tilray Brands news, CFO Carl A. Merton bought 10,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer directly owned 139,753 shares in the company, valued at approximately $645,658.86. The trade was a 7.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders bought a total of 15,000 shares of company stock valued at $69,225 in the last quarter. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds have recently made changes to their positions in TLRY. Hilton Head Capital Partners LLC acquired a new position in Tilray Brands during the 4th quarter worth approximately $38,000. Essential Partners LLC grew its stake in shares of Tilray Brands by 110,137.5% during the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Tilray Brands during the second quarter worth $44,000. Corient Private Wealth LP bought a new position in shares of Tilray Brands in the 2nd quarter valued at $53,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Tilray Brands during the 2nd quarter valued at $58,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

Tilray Brands Company Profile

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.