Tilray Brands (NASDAQ:TLRY) Stock Price Down 4.6% – Should You Sell?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 4.6% during mid-day trading on Thursday. The company traded as low as $2.47 and last traded at $2.49. Approximately 3,702,314 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 4,289,471 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

Several analysts have commented on TLRY shares. TD lowered their price objective on shares of Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a report on Monday, October 5th. ATB Cormark Capital Markets reduced their target price on Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, September 21st. TD Securities raised Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings cut Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 23rd. Finally, Zacks Research cut Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Tilray Brands currently has a consensus rating of “Hold” and a consensus price target of $5.90.

Tilray Brands Trading Down 4.6%

The stock has a market cap of $368.00 million, a P/E ratio of -1.78 and a beta of 2.04. 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 stock’s fifty day moving average price is $3.48 and its 200 day moving average price is $5.25.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.16. The company had revenue of $257.15 million during the quarter, compared to analyst estimates of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. Equities research analysts expect that Tilray Brands, Inc. will post -0.52 earnings per share for the current year.

Hedge Funds Weigh In On Tilray Brands

Institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC purchased a new position in shares of Tilray Brands during the second quarter valued at approximately $27,000. Deutsche Bank AG bought a new stake in shares of Tilray Brands in the 2nd quarter worth approximately $44,000. Corient Private Wealth LP purchased a new stake in shares of Tilray Brands in the 2nd quarter worth approximately $53,000. Essential Partners LLC grew its stake in shares of Tilray Brands by 110,137.5% in the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new stake in shares of Tilray Brands in the 2nd quarter worth approximately $58,000. Institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

Tilray Brands is a global cannabis and consumer packaged goods company. Its cannabis business produces and sells medical and adult-use products, including dried flower, oils, extracts and edibles, under brands such as Good Supply, Solei, Redecan and Broken Coast. The company serves customers in Canada, the United States and international markets. Its activities include medical cannabis distribution in countries where permitted, as well as cannabis and hemp-related products in North America, subject to local regulations.