Tilray Brands (NASDAQ:TLRY) Trading Down 3.3% – Here’s What Happened

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price fell 3.3% on Friday . The company traded as low as $5.22 and last traded at $5.32. 4,322,674 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 4,530,013 shares. The stock had previously closed at $5.50.

Wall Street Analysts Forecast Growth

TLRY has been the subject of several analyst reports. ATB Cormark Capital Markets decreased their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a research note on Thursday, April 2nd. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Roth Mkm raised Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Thursday, April 2nd. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Canaccord Genuity Group began coverage on Tilray Brands in a research report on Tuesday, January 27th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.50.

Tilray Brands Trading Down 3.3%

The stock’s 50-day moving average price is $6.57 and its 200 day moving average price is $8.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66. The firm has a market capitalization of $620.05 million, a PE ratio of -0.39 and a beta of 1.94.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). The firm had revenue of $206.73 million during the quarter, compared to analysts’ expectations of $201.35 million. Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. During the same quarter in the previous year, the firm posted ($0.87) EPS. On average, sell-side analysts expect that Tilray Brands, Inc. will post -0.58 EPS for the current fiscal year.

Insider Activity

In other news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total transaction of $232,878.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.84% of the company’s stock.

Institutional Trading of Tilray Brands

Hedge funds have recently added to or reduced their stakes in the business. Silverlake Wealth Management LLC purchased a new position in Tilray Brands during the 3rd quarter valued at about $25,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Tilray Brands in the 3rd quarter worth approximately $25,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Tilray Brands in the 3rd quarter worth approximately $30,000. HighPoint Advisor Group LLC bought a new position in shares of Tilray Brands during the third quarter valued at approximately $33,000. Finally, Nwam LLC bought a new position in shares of Tilray Brands during the third quarter valued at approximately $35,000. 9.35% of the stock is 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.