Tilray Brands (NASDAQ:TLRY) Trading Down 1.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price traded down 1.5% during mid-day trading on Tuesday . The company traded as low as $4.48 and last traded at $4.50. Approximately 3,461,349 shares were traded during trading, a decline of 19% from the average session volume of 4,259,230 shares. The stock had previously closed at $4.57.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. TD Cowen dropped their price target on shares of Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. Weiss Ratings upgraded shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, August 24th. TD Securities raised shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Tilray Brands has a consensus rating of “Hold” and a consensus price target of $8.00.

Tilray Brands Price Performance

The company’s 50 day moving average price is $4.46 and its 200-day moving average price is $5.64. The stock has a market cap of $616.99 million, a P/E ratio of -4.19 and a beta of 1.92. The company has a quick ratio of 1.37, a current ratio of 2.21 and a debt-to-equity ratio of 0.22.

Tilray Brands (NASDAQ:TLRY) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.42). Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%.The firm had revenue of $281.71 million for the quarter, compared to the consensus estimate of $246.30 million. As a group, sell-side analysts expect that Tilray Brands, Inc. will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Carl A. Merton purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $4.62 per share, with a total value of $46,200.00. Following the completion of the purchase, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 15,000 shares of company stock valued at $69,225 in the last ninety days. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Tilray Brands

A number of large investors have recently modified their holdings of the company. Tidal Investments LLC grew its holdings in shares of Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock valued at $12,006,000 after buying an additional 3,776,410 shares during the last quarter. Millennium Management LLC boosted its stake in Tilray Brands by 281.0% in the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after acquiring an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Tilray Brands in the third quarter valued at $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in Tilray Brands during the second quarter valued at about $939,000. Finally, Swiss National Bank grew its stake in Tilray Brands by 4.4% in the 3rd quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock valued at $3,483,000 after buying an additional 84,900 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors.

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.