Tilray Brands (NASDAQ:TLRY) Shares Down 3% – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) dropped 3% during mid-day trading on Monday . The company traded as low as $4.58 and last traded at $4.59. Approximately 3,485,031 shares were traded during trading, a decline of 19% from the average session volume of 4,321,844 shares. The stock had previously closed at $4.73.

Analyst Ratings Changes

TLRY has been the topic of a number of recent analyst reports. TD Cowen dropped their price objective on Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. Weiss Ratings downgraded Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. Roth Mkm raised Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a report on Thursday, April 2nd. ATB Cormark Capital Markets dropped their price target on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 2nd. Finally, Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Tilray Brands currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Tilray Brands Trading Down 3.0%

The business has a 50-day moving average price of $5.77 and a 200-day moving average price of $7.34. The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $534.96 million, a P/E ratio of -0.34 and a beta of 1.88.

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

Insider Transactions at Tilray Brands

In related news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total value of $232,878.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds have recently modified their holdings of the stock. Essential Partners LLC increased its holdings in shares of Tilray Brands by 110,137.5% during the first quarter. Essential Partners LLC now owns 8,819 shares of the company’s stock worth $57,000 after buying an additional 8,811 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Tilray Brands in the 1st quarter worth approximately $123,000. Baader Bank Aktiengesellschaft grew its position in Tilray Brands by 17.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company’s stock worth $293,000 after acquiring an additional 7,226 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Tilray Brands by 82.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company’s stock worth $568,000 after acquiring an additional 39,801 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Tilray Brands by 4.1% during the 1st quarter. Swiss National Bank now owns 230,503 shares of the company’s stock valued at $1,491,000 after purchasing an additional 9,100 shares in the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

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.