Tilray Brands (NASDAQ:TLRY) Trading Down 20% – What’s Next?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price fell 20% during trading on Friday . The stock traded as low as $0.8002 and last traded at $0.8240. 98,443,935 shares were traded during trading, an increase of 98% from the average session volume of 49,776,492 shares. The stock had previously closed at $1.03.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, October 8th. Atb Cap Markets cut Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Wall Street Zen upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Jefferies Financial Group raised their price objective on shares of Tilray Brands from $1.50 to $2.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.00.

Tilray Brands Stock Down 20.0%

The stock has a market capitalization of $925.24 million, a P/E ratio of -0.36 and a beta of 2.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.62 and a quick ratio of 1.56. The stock has a fifty day moving average price of $1.36 and a 200 day moving average price of $0.94.

Tilray Brands’s stock is going to reverse split on the morning of Tuesday, December 2nd. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 1st.

Institutional Investors Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC increased its holdings in Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after acquiring an additional 3,776,410 shares during the period. Millennium Management LLC increased its stake in Tilray Brands by 281.0% in the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after acquiring an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tilray Brands in the 3rd quarter valued at about $5,813,000. Ausdal Financial Partners Inc. purchased a new position in shares of Tilray Brands during the second quarter worth about $939,000. Finally, Scientech Research LLC bought a new position in shares of Tilray Brands in the third quarter worth approximately $1,748,000. 9.35% of the stock is currently owned by institutional investors.

About Tilray Brands

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.