Tilray Brands (NASDAQ:TLRY) Trading Down 1.6% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 1.6% during trading on Tuesday . The stock traded as low as $4.26 and last traded at $4.31. Approximately 3,399,855 shares were traded during trading, a decline of 20% from the average daily volume of 4,272,919 shares. The stock had previously closed at $4.38.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. TD Cowen dropped their target price on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. Wall Street Zen upgraded shares of Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. ATB Cormark Capital Markets decreased 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 research note on Thursday, April 2nd. Roth Capital upgraded shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Thursday, April 2nd. Finally, Weiss Ratings cut shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.50.

Tilray Brands Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The company has a market cap of $502.33 million, a PE ratio of -0.32 and a beta of 1.89. The company’s 50 day moving average price is $5.24 and its 200-day moving average price is $7.00.

Insider Activity at Tilray Brands

In related news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total value of $232,878.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Tilray Brands by 1,839.7% in the first quarter. AQR Capital Management LLC now owns 607,054 shares of the company’s stock worth $399,000 after purchasing an additional 575,757 shares during the last quarter. XTX Topco Ltd bought a new position in Tilray Brands during the 2nd quarter worth approximately $112,000. Cerity Partners LLC increased its stake in Tilray Brands by 98.5% in the 2nd quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock worth $38,000 after purchasing an additional 45,929 shares during the period. Ausdal Financial Partners Inc. bought a new stake in Tilray Brands in the second quarter valued at approximately $939,000. Finally, Bank of America Corp DE boosted its stake in shares of Tilray Brands by 26.5% during the second quarter. Bank of America Corp DE now owns 311,810 shares of the company’s stock valued at $129,000 after purchasing an additional 65,379 shares during the period. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.