Tilray Brands (NASDAQ:TLRY) Shares Down 4.2% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 4.2% on Wednesday . The stock traded as low as $9.97 and last traded at $10.0850. Approximately 4,514,311 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 6,197,121 shares. The stock had previously closed at $10.53.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Atb Cap Markets upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Two 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.00.

Tilray Brands Stock Performance

The firm has a market capitalization of $1.13 billion, a P/E ratio of -0.44 and a beta of 1.76. The stock has a 50-day moving average of $11.48 and a 200 day moving average of $10.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62.

Institutional Trading of Tilray Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in TLRY. Swiss National Bank lifted its position in Tilray Brands by 2.3% during the 1st quarter. Swiss National Bank now owns 1,816,638 shares of the company’s stock worth $1,194,000 after buying an additional 40,000 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Tilray Brands by 30.4% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 527,995 shares of the company’s stock worth $345,000 after acquiring an additional 122,969 shares during the last quarter. Zuckerman Investment Group LLC bought a new position in shares of Tilray Brands in the first quarter worth about $33,000. State of Wyoming lifted its position in shares of Tilray Brands by 133.0% during the first quarter. State of Wyoming now owns 241,165 shares of the company’s stock worth $159,000 after purchasing an additional 137,676 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Tilray Brands by 1,839.7% during 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 in the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.