Tilray Brands (NASDAQ:TLRY) Stock Falls 2.8% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) fell 2.8% during trading on Wednesday. The company traded as low as $4.11 and last traded at $4.11. 2,842,294 shares changed hands during trading, a decline of 32% from the average session volume of 4,208,124 shares. The stock had previously closed at $4.23.

Wall Street Analyst Weigh In

TLRY has been the topic of several research reports. Weiss Ratings downgraded shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. Wall Street Zen cut shares of Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. TD Cowen reduced their target price on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. Finally, ATB Cormark Capital Markets reduced 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $7.00.

Tilray Brands Stock Up 1.5%

The firm’s 50-day simple moving average is $4.37 and its 200 day simple moving average is $5.25. 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 company has a market cap of $562.51 million, a P/E ratio of -3.82 and a beta of 1.92.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Tuesday, July 28th. The company reported ($0.43) 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 firm had revenue of $281.71 million during the quarter, compared to the consensus estimate of $246.30 million. On average, research analysts forecast that Tilray Brands, Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Transactions at Tilray Brands

In related news, CFO Carl Merton bought 10,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were purchased at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. This represents a 7.71% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders purchased 15,000 shares of company stock worth $69,225. 0.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hillsdale Investment Management Inc. bought a new position in shares of Tilray Brands in the fourth quarter worth about $4,855,000. BlackRock Inc. acquired a new position in shares of Tilray Brands in the 2nd quarter worth approximately $2,073,000. Legal & General Group Plc bought a new position in shares of Tilray Brands during the 2nd quarter worth approximately $381,000. Squarepoint Ops LLC bought a new position in Tilray Brands during the second quarter worth $192,000. Finally, Jupiter Topco LLC bought a new stake in shares of Tilray Brands during the second quarter worth about $188,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.