Tilray Brands (NASDAQ:TLRY) Stock Falls 5.1% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 5.1% on Thursday. The company traded as low as $2.71 and last traded at $2.81. 6,668,765 shares traded hands during trading, an increase of 56% from the average daily volume of 4,284,046 shares. The stock had previously closed at $2.96.

Analysts Set New Price Targets

TLRY has been the subject of several research reports. ATB Cormark Capital Markets decreased their target price on Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, September 21st. Weiss Ratings lowered Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 23rd. TD reduced their price target on Tilray Brands from $4.70 to $4.50 and set a “buy” rating on the stock in a research note on Monday, October 5th. Zacks Research cut Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 29th. Finally, TD Cowen lowered their price objective on Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.90.

Tilray Brands Trading Down 5.1%

The stock’s fifty day simple moving average is $3.66 and its two-hundred day simple moving average is $5.40. The firm has a market cap of $415.28 million, a PE ratio of -2.01 and a beta of 2.04. The company has a quick ratio of 1.11, a current ratio of 1.88 and a debt-to-equity ratio of 0.17.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. BlackRock Inc. bought a new stake in Tilray Brands during the 2nd quarter valued at about $2,073,000. Swiss National Bank raised its holdings in Tilray Brands by 4.1% in the first quarter. Swiss National Bank now owns 230,503 shares of the company’s stock worth $1,491,000 after buying an additional 9,100 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Tilray Brands by 6.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company’s stock worth $935,000 after buying an additional 11,894 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Tilray Brands by 82.9% in the first quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after buying an additional 39,801 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Tilray Brands during the second quarter valued at approximately $381,000. Institutional investors own 9.35% of the company’s stock.

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.