Tilray Brands (NASDAQ:TLRY) Shares Down 1.7% After Analyst Downgrade

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price was down 1.7% during trading on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $3.94 and last traded at $3.95. 3,037,652 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 4,178,455 shares. The stock had previously closed at $4.02.

A number of other equities analysts have also weighed in on TLRY. TD Cowen decreased their target price on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. ATB Cormark Capital Markets cut their price objective on Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a report on Monday, September 21st. 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 Securities raised shares of Tilray Brands to a “strong-buy” rating in a research note on Friday, July 31st. Finally, Weiss Ratings lowered shares of Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Tilray Brands currently has an average rating of “Hold” and a consensus price target of $7.00.

Insider Transactions at Tilray Brands

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of Tilray Brands stock in a transaction on Tuesday, August 4th. The shares were acquired at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at approximately $645,658.86. The trade was a 7.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders purchased a total of 15,000 shares of company stock valued at $69,225 over the last ninety days. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tilray Brands

Institutional investors and hedge funds have recently made changes to their positions in the business. Hilton Head Capital Partners LLC bought a new stake in Tilray Brands in the fourth quarter worth $38,000. Integrated Wealth Concepts LLC bought a new position in shares of Tilray Brands during the second quarter valued at about $27,000. Essential Partners LLC increased its holdings in shares of Tilray Brands by 110,137.5% in 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 during the period. Deutsche Bank AG bought a new stake in shares of Tilray Brands in the 2nd quarter valued at about $44,000. Finally, Corient Private Wealth LP bought a new stake in shares of Tilray Brands in the 2nd quarter valued at about $53,000. Institutional investors own 9.35% of the company’s stock.

Tilray Brands Price Performance

The firm has a fifty day moving average of $4.35 and a two-hundred day moving average of $5.16. The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $482.83 million, a PE ratio of -3.28 and a beta of 1.92.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.42). The company had revenue of $281.71 million during the quarter, compared to analysts’ expectations of $246.30 million. Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%. Research analysts anticipate that Tilray Brands, Inc. will post -0.42 EPS for the current fiscal year.

About Tilray Brands

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.