Tilray Brands (NASDAQ:TLRY) Shares Down 6.6% – Time to Sell?

Tilray Brands, Inc. (NASDAQ:TLRY) traded down 6.6% during mid-day trading on Wednesday . The company traded as low as $0.9265 and last traded at $0.9620. 58,125,413 shares changed hands during mid-day trading, an increase of 16% from the average session volume of 49,923,910 shares. The stock had previously closed at $1.03.

Analyst Upgrades and Downgrades

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

Tilray Brands Stock Performance

The business’s fifty day moving average price is $1.38 and its two-hundred day moving average price is $0.93. 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 stock has a market capitalization of $1.02 billion, a P/E ratio of -0.40 and a beta of 2.04.

Hedge Funds Weigh In On Tilray Brands

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC purchased a new stake in Tilray Brands during the 1st quarter valued at $31,000. Bank Julius Baer & Co. Ltd Zurich increased its position in Tilray Brands by 1,646.1% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 154,636 shares of the company’s stock valued at $102,000 after acquiring an additional 145,780 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Tilray Brands by 6.5% in the first quarter. TD Asset Management Inc now owns 1,627,247 shares of the company’s stock valued at $1,063,000 after acquiring an additional 100,017 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 acquiring an additional 55,981 shares during the period. Finally, Wealthspire Advisors LLC bought a new stake in shares of Tilray Brands in the 1st quarter worth about $66,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

About Tilray Brands

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.