Tilray Brands (NASDAQ:TLRY) Trading Down 6.5% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s stock price fell 6.5% during trading on Thursday . The stock traded as low as $0.8935 and last traded at $0.8991. 41,461,181 shares traded hands during trading, a decline of 17% from the average session volume of 49,892,500 shares. The stock had previously closed at $0.9620.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TLRY shares. Atb Cap Markets lowered Tilray Brands from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, October 8th. Wall Street Zen raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Saturday, October 11th. Zelman & Associates reiterated a “neutral” rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Finally, Jefferies Financial Group raised their price target on shares of Tilray Brands from $1.50 to $2.00 and gave the stock a “buy” rating in a research note on Monday, August 25th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.00.

Tilray Brands Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62. The firm’s 50-day moving average price is $1.39 and its two-hundred day moving average price is $0.92. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -0.40 and a beta of 2.04.

Institutional Trading of Tilray Brands

Several hedge funds have recently made changes to their positions in the company. Cerity Partners LLC purchased a new stake in shares of Tilray Brands during the 1st quarter valued at approximately $31,000. Bank Julius Baer & Co. Ltd Zurich grew its position in Tilray Brands by 1,646.1% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 154,636 shares of the company’s stock worth $102,000 after acquiring an additional 145,780 shares during the period. MCF Advisors LLC acquired a new stake in Tilray Brands during the first quarter worth $132,000. TD Asset Management Inc increased its stake in Tilray Brands by 6.5% during the first quarter. TD Asset Management Inc now owns 1,627,247 shares of the company’s stock worth $1,063,000 after acquiring an additional 100,017 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Tilray Brands by 49.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,189 shares of the company’s stock valued at $111,000 after purchasing an additional 55,981 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Company Profile

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.