Tilray Brands (NASDAQ:TLRY) Shares Down 2.4% – Time to Sell?

Tilray Brands, Inc. (NASDAQ:TLRY) dropped 2.4% during mid-day trading on Monday. The company traded as low as $2.81 and last traded at $2.85. 3,250,871 shares traded hands during trading, a decline of 24% from the average session volume of 4,281,349 shares. The stock had previously closed at $2.92.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. ATB Cormark Capital Markets reduced their price target on shares of Tilray Brands from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, September 21st. Canaccord Genuity Group lowered their price objective on Tilray Brands from $4.50 to $4.00 and set a “hold” rating for the company in a research report on Friday, October 9th. Weiss Ratings cut Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 23rd. TD lowered their price target on Tilray Brands from $4.70 to $4.50 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, TD Cowen lowered their price target on Tilray Brands from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.90.

Tilray Brands Trading Down 2.4%

The company’s 50 day simple moving average is $3.59 and its 200 day simple moving average is $5.34. 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 has a market cap of $421.20 million, a price-to-earnings ratio of -2.04 and a beta of 2.04.

Tilray Brands (NASDAQ:TLRY) last announced its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.16. The business had revenue of $257.15 million for the quarter, compared to analysts’ expectations of $266.26 million. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. As a group, research analysts expect that Tilray Brands, Inc. will post -0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. R Squared Ltd raised its holdings in Tilray Brands by 35.5% in the third quarter. R Squared Ltd now owns 37,754 shares of the company’s stock valued at $142,000 after acquiring an additional 9,893 shares in the last quarter. State of Wyoming lifted its stake in Tilray Brands by 114.2% in the third quarter. State of Wyoming now owns 81,502 shares of the company’s stock worth $306,000 after acquiring an additional 43,448 shares during the last quarter. SLT Holdings LLC purchased a new position in Tilray Brands in the third quarter worth approximately $247,000. Engineers Gate Manager LP grew its holdings in Tilray Brands by 124.1% during the 2nd quarter. Engineers Gate Manager LP now owns 60,839 shares of the company’s stock worth $273,000 after acquiring an additional 33,688 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Tilray Brands during the 2nd quarter worth approximately $27,000. 9.35% of the stock is owned by institutional investors and hedge funds.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.