Tilray Brands (NASDAQ:TLRY) Shares Down 5.1% After Analyst Downgrade

Tilray Brands, Inc. (NASDAQ:TLRY) traded down 5.1% during mid-day trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $4.50 to $4.00. Canaccord Genuity Group currently has a hold rating on the stock. Tilray Brands traded as low as $3.34 and last traded at $3.36. Approximately 3,876,815 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 4,239,357 shares. The stock had previously closed at $3.54.

A number of other analysts have also recently commented on the company. TD Cowen cut their target price on Tilray Brands from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. TD Securities raised Tilray Brands to a “strong-buy” rating in a report on Friday, July 31st. ATB Cormark Capital Markets decreased their target price on Tilray Brands from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, September 21st. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 21st. Finally, Wall Street Zen downgraded Tilray Brands from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.90.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of Tilray Brands stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the transaction, the chief financial officer directly owned 139,753 shares in the company, valued at $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have acquired 15,000 shares of company stock valued at $69,225. Insiders own 1.60% of the company’s stock.

Institutional Trading of Tilray Brands

A number of large investors have recently bought and sold shares of TLRY. Integrated Wealth Concepts LLC purchased a new position in Tilray Brands during the 2nd quarter worth $27,000. Essential Partners LLC raised its holdings in shares of Tilray Brands by 110,137.5% in the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock valued at $57,000 after buying an additional 8,811 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Tilray Brands in the second quarter valued at about $44,000. Corient Private Wealth LP purchased a new stake in shares of Tilray Brands in the second quarter valued at about $53,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Tilray Brands during the second quarter worth about $58,000. Institutional investors and hedge funds own 9.35% of the company’s stock.

Tilray Brands Stock Down 5.1%

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11. The firm’s 50 day moving average price is $4.29 and its two-hundred day moving average price is $5.01. The firm has a market cap of $457.65 million, a price-to-earnings ratio of -2.40 and a beta of 1.91.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.42). The company had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. As a group, sell-side analysts forecast that Tilray Brands, Inc. will post -0.48 earnings per share for the current fiscal year.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.