Tilray Brands (NASDAQ:TLRY) Shares Down 2.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) dropped 2.5% during trading on Friday . The stock traded as low as $5.48 and last traded at $5.51. Approximately 3,304,408 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 4,400,771 shares. The stock had previously closed at $5.65.

Wall Street Analysts Forecast Growth

TLRY has been the subject of several recent analyst reports. Roth Mkm raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Thursday, April 2nd. TD Cowen cut their price target on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a report on Monday, March 30th. Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Weiss Ratings lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Finally, ATB Cormark Capital Markets cut their price target on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.50.

Tilray Brands Price Performance

The firm has a market cap of $642.19 million, a PE ratio of -0.40 and a beta of 1.94. The stock’s fifty day moving average price is $6.23 and its 200-day moving average price is $7.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66.

Tilray Brands (NASDAQ:TLRY) last released its earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.The business had revenue of $206.73 million for the quarter, compared to analysts’ expectations of $201.35 million. During the same period in the previous year, the company earned ($0.87) EPS. As a group, equities analysts expect that Tilray Brands, Inc. will post -0.58 EPS for the current fiscal year.

Insider Activity

In other news, Director David G. Hopkinson sold 33,556 shares of the company’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total transaction of $232,878.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Tilray Brands

A number of large investors have recently modified their holdings of the business. Essential Partners LLC grew its holdings in shares of Tilray Brands by 110,137.5% during the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Tilray Brands during the 1st quarter valued at about $123,000. Baader Bank Aktiengesellschaft boosted its position in shares of Tilray Brands by 17.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock valued at $293,000 after acquiring an additional 7,226 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tilray Brands by 82.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock valued at $568,000 after acquiring an additional 39,801 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Tilray Brands by 4.1% during the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock valued at $1,491,000 after acquiring an additional 9,100 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

About Tilray Brands

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.