Tilray Brands (NASDAQ:TLRY) Shares Down 3.6% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price fell 3.6% during mid-day trading on Wednesday. The company traded as low as $2.91 and last traded at $2.92. Approximately 4,182,727 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 4,209,940 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

A number of brokerages recently commented on TLRY. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Canaccord Genuity Group cut their price target on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating for the company in a research report on Friday, October 9th. Weiss Ratings raised Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 8th. ATB Cormark Capital Markets decreased their price objective on Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, September 21st. Finally, TD lowered their target price on Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.90.

Tilray Brands Trading Down 3.2%

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 market capitalization of $419.28 million, a P/E ratio of -2.03 and a beta of 1.91. The stock has a 50-day moving average price of $4.02 and a two-hundred day moving average price of $4.80.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.16. The business had revenue of $257.15 million for the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. On average, research analysts forecast that Tilray Brands, Inc. will post -0.52 EPS for the current fiscal year.

Insider Activity at Tilray Brands

In related news, CFO Carl Merton bought 10,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, with a total value of $46,200.00. Following the purchase, the chief financial officer owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have bought 15,000 shares of company stock valued at $69,225. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Tilray Brands

A number of institutional investors have recently bought and sold shares of TLRY. Integrated Wealth Concepts LLC bought a new stake in Tilray Brands during the 2nd quarter valued at approximately $27,000. Deutsche Bank AG bought a new position in shares of Tilray Brands in the 2nd quarter worth approximately $44,000. Corient Private Wealth LP bought a new position in shares of Tilray Brands in the 2nd quarter worth approximately $53,000. Essential Partners LLC raised its position in shares of Tilray Brands by 110,137.5% in the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after acquiring an additional 8,811 shares in the last quarter. Finally, Centaurus Financial Inc. purchased a new position in shares of Tilray Brands in the 2nd quarter valued at approximately $58,000. 9.35% of the stock is owned by institutional investors.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.