Tilray Brands (NASDAQ:TLRY) Stock Falls 4% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price fell 4% on Wednesday. The stock traded as low as $3.10 and last traded at $3.14. Approximately 4,566,251 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 4,240,356 shares. The stock had previously closed at $3.27.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. ATB Cormark Capital Markets reduced their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, September 21st. Canaccord Genuity Group cut their target price on shares of Tilray Brands from $4.50 to $4.00 and set a “hold” rating on the stock in a research note on Friday, October 9th. TD Cowen reduced their target price on Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. TD Securities raised Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.90.

Tilray Brands Trading Down 5.1%

The company has a current ratio of 1.88, a quick ratio of 1.11 and a debt-to-equity ratio of 0.17. The company has a market cap of $450.02 million, a PE ratio of -2.18 and a beta of 1.91. The business’s 50-day simple moving average is $4.18 and its 200-day simple moving average is $4.91.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.16. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. The company had revenue of $257.15 million during the quarter, compared to analyst estimates of $266.26 million. As a group, analysts expect that Tilray Brands, Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Carl Merton bought 10,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the purchase, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at $645,658.86. This trade represents a 7.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought a total of 15,000 shares of company stock valued at $69,225 in the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Tilray Brands

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Tilray Brands during the second quarter valued at approximately $2,073,000. Legal & General Group Plc acquired a new position in Tilray Brands during the 2nd quarter worth $381,000. SLT Holdings LLC acquired a new position in Tilray Brands during the 3rd quarter worth $247,000. Squarepoint Ops LLC bought a new stake in Tilray Brands during the second quarter valued at about $192,000. Finally, Jupiter Topco LLC bought a new stake in Tilray Brands during the second quarter valued at about $188,000. 9.35% of the stock is currently owned by institutional investors and hedge funds.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.