Tilray Brands (NASDAQ:TLRY) Stock Price Down 4.9% – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 4.9% during trading on Wednesday . The company traded as low as $4.60 and last traded at $4.64. Approximately 4,098,246 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 4,288,847 shares. The stock had previously closed at $4.88.

Analyst Ratings Changes

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

Tilray Brands Price Performance

The firm has a market capitalization of $622.43 million, a price-to-earnings ratio of -4.23 and a beta of 1.90. The company’s 50 day moving average is $4.47 and its 200 day moving average is $5.72. 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 issued its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) earnings per share 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 business had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. On average, equities research analysts anticipate that Tilray Brands, Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Tilray Brands

In other Tilray Brands news, CFO Carl A. Merton purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was bought at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer owned 139,753 shares in the company, valued at approximately $645,658.86. This represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased 15,000 shares of company stock valued at $69,225 in the last three months. 0.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tilray Brands

Large investors have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. acquired a new position in Tilray Brands in the 4th quarter valued at $4,855,000. Scientech Research LLC acquired a new stake in shares of Tilray Brands during the 3rd quarter worth $1,748,000. Sassicaia Capital Advisers LLC bought a new position in shares of Tilray Brands in the third quarter worth $401,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Tilray Brands in the third quarter worth $239,000. Finally, Creative Planning raised its stake in Tilray Brands by 44.3% in the third quarter. Creative Planning now owns 113,745 shares of the company’s stock valued at $197,000 after purchasing an additional 34,942 shares in the last quarter. Institutional investors and hedge funds own 9.35% of the company’s stock.

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.