Tilray Brands (NASDAQ:TLRY) Shares Down 2.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY) shares fell 2.5% on Monday . The stock traded as low as $4.61 and last traded at $4.72. 3,067,777 shares traded hands during trading, a decline of 29% from the average session volume of 4,294,800 shares. The stock had previously closed at $4.84.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. TD Securities upgraded shares of Tilray Brands to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Tilray Brands from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Wall Street Zen cut Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, TD Cowen reduced their price target on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Tilray Brands currently has an average rating of “Hold” and an average target price of $8.00.

Tilray Brands Price Performance

The company has a market cap of $664.66 million, a PE ratio of -4.52 and a beta of 1.90. The business has a 50 day moving average of $4.48 and a 200 day moving average of $5.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.42). Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. The company had revenue of $281.71 million for the quarter, compared to analysts’ expectations of $246.30 million. As a group, research analysts predict that Tilray Brands, Inc. will post -0.42 EPS for the current year.

Insider Buying and Selling at Tilray Brands

In related news, CFO Carl A. Merton purchased 10,000 shares of Tilray Brands stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer directly owned 139,753 shares of the company’s stock, valued at $645,658.86. This represents a 7.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have bought 15,000 shares of company stock worth $69,225. Insiders own 0.84% of the company’s stock.

Institutional Trading of Tilray Brands

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC grew its holdings in shares of Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after acquiring an additional 3,776,410 shares during the period. Millennium Management LLC lifted its stake in shares of Tilray Brands by 281.0% in the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock valued at $8,550,000 after purchasing an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Tilray Brands during the third quarter valued at approximately $5,813,000. Ausdal Financial Partners Inc. bought a new stake in shares of Tilray Brands during the second quarter valued at approximately $939,000. Finally, Swiss National Bank boosted its position in shares of Tilray Brands by 4.4% during the third quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock valued at $3,483,000 after purchasing an additional 84,900 shares in the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.