Tilray Brands (NASDAQ:TLRY) Shares Down 2.6% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares fell 2.6% on Monday . The company traded as low as $7.44 and last traded at $7.55. 2,922,014 shares changed hands during trading, a decline of 35% from the average session volume of 4,469,622 shares. The stock had previously closed at $7.75.

Analysts Set New Price Targets

TLRY has been the subject of a number of analyst reports. ATB Cormark Capital Markets raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 10th. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a research report on Sunday. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Roth Mkm cut their target price on Tilray Brands from $20.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 20th. Finally, Canaccord Genuity Group initiated coverage on shares of Tilray Brands in a research note on Tuesday, January 27th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.33.

Tilray Brands Price Performance

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 company’s fifty day moving average price is $8.95 and its two-hundred day moving average price is $11.12. The company has a market cap of $879.65 million, a price-to-earnings ratio of -0.34 and a beta of 2.02.

Tilray Brands (NASDAQ:TLRY) last announced its earnings results on Thursday, January 8th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.27). Tilray Brands had a negative return on equity of 6.35% and a negative net margin of 251.69%.The company had revenue of $217.51 million during the quarter, compared to analyst estimates of $211.15 million. During the same period in the previous year, the company posted ($0.03) earnings per share. On average, equities research analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Tilray Brands

Institutional investors have recently bought and sold shares of the company. Silverlake Wealth Management LLC acquired a new position in Tilray Brands during the 3rd quarter worth approximately $25,000. Oppenheimer & Co. Inc. bought a new stake in shares of Tilray Brands in the third quarter worth $25,000. Unified Investment Management acquired a new position in Tilray Brands during the third quarter worth $26,000. J.W. Cole Advisors Inc. grew its position in Tilray Brands by 203.2% in the second quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock valued at $30,000 after purchasing an additional 48,177 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Tilray Brands in the third quarter valued at $30,000. Institutional investors own 9.35% of the company’s stock.

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.