Tilray Brands (NASDAQ:TLRY) Shares Down 1.7% – What’s Next?

Tilray Brands, Inc. (NASDAQ:TLRY) shares dropped 1.7% during mid-day trading on Thursday . The stock traded as low as $4.10 and last traded at $4.14. Approximately 2,902,938 shares were traded during trading, a decline of 32% from the average daily volume of 4,239,766 shares. The stock had previously closed at $4.21.

Wall Street Analysts Forecast Growth

TLRY has been the topic of several research analyst reports. Wall Street Zen lowered shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings raised shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, August 24th. Finally, TD Cowen lowered their price objective on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $8.00.

Tilray Brands Trading Down 2.9%

The company has a 50 day moving average of $4.43 and a 200 day moving average of $5.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21. The stock has a market capitalization of $547.52 million, a price-to-earnings ratio of -3.72 and a beta of 1.92.

Tilray Brands (NASDAQ:TLRY) last announced its 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). The business had revenue of $281.71 million for the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%. On average, research analysts predict that Tilray Brands, Inc. will post -0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tilray Brands news, CFO Carl Merton acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was bought 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 in the company, valued at approximately $645,658.86. The trade was a 7.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 15,000 shares of company stock worth $69,225 in the last quarter. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TLRY. Engineers Gate Manager LP grew its position in shares of Tilray Brands by 124.1% in the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company’s stock valued at $273,000 after purchasing an additional 33,688 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Tilray Brands during the second quarter worth approximately $27,000. Squarepoint Ops LLC acquired a new position in Tilray Brands during the second quarter worth $192,000. Amundi acquired a new position in Tilray Brands during the second quarter worth $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Tilray Brands in the 2nd quarter valued at $75,000. 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.