Tilray Brands (NASDAQ:TLRY) Trading Down 3.3% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) shares traded down 3.3% during mid-day trading on Thursday . The company traded as low as $6.97 and last traded at $7.06. 3,492,632 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 4,135,113 shares. The stock had previously closed at $7.30.

Analysts Set New Price Targets

A number of brokerages have recently commented on TLRY. Zacks Research upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. ATB Cormark Capital Markets raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 10th. Wall Street Zen upgraded shares of Tilray Brands from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Roth Mkm lowered their target price on shares of Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, January 20th. Finally, Canaccord Genuity Group started coverage on Tilray Brands in a research report on Tuesday, January 27th. They issued a “hold” rating on the stock. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Tilray Brands currently has an average rating of “Hold” and a consensus price target of $13.33.

Tilray Brands Stock Down 3.3%

The company has a market cap of $822.54 million, a P/E ratio of -0.32 and a beta of 1.96. The company’s 50-day moving average is $8.40 and its two-hundred day moving average is $11.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.81 and a quick ratio of 1.72.

Tilray Brands (NASDAQ:TLRY) last issued its earnings results on Thursday, January 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.12. The business had revenue of $217.51 million for the quarter, compared to the consensus estimate of $211.15 million. Tilray Brands had a negative return on equity of 6.35% and a negative net margin of 251.69%.During the same period last year, the business posted ($0.03) EPS. As a group, equities analysts predict that Tilray Brands, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds have recently bought and sold shares of TLRY. Silverlake Wealth Management LLC purchased a new stake in shares of Tilray Brands during the 3rd quarter valued at about $25,000. Oppenheimer & Co. Inc. purchased a new position in shares of Tilray Brands during the third quarter valued at approximately $25,000. Unified Investment Management purchased a new position in shares of Tilray Brands during the third quarter valued at approximately $26,000. J.W. Cole Advisors Inc. lifted its position in Tilray Brands by 203.2% during the second quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock valued at $30,000 after purchasing an additional 48,177 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Tilray Brands in the third quarter worth approximately $30,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

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.