Tilray Brands (NASDAQ:TLRY) Shares Down 8.4% – Should You Sell?

Tilray Brands, Inc. (NASDAQ:TLRY)’s share price fell 8.4% during trading on Wednesday . The company traded as low as $7.03 and last traded at $7.06. 8,579,906 shares were traded during trading, an increase of 71% from the average session volume of 5,012,430 shares. The stock had previously closed at $7.71.

Analyst Upgrades and Downgrades

TLRY has been the topic of a number of recent research reports. 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 increased their price objective on shares of Tilray Brands from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, August 25th. Atb Cap Markets cut shares of Tilray Brands from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Tilray Brands currently has a consensus rating of “Hold” and an average price target of $20.00.

Tilray Brands Trading Up 1.8%

The company has a market cap of $825.33 million, a price-to-earnings ratio of -0.32 and a beta of 1.76. The company has a quick ratio of 1.56, a current ratio of 2.62 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $13.07 and its two-hundred day simple moving average is $9.53.

Hedge Funds Weigh In On Tilray Brands

Several hedge funds have recently made changes to their positions in the company. Tidal Investments LLC increased its stake in Tilray Brands by 15.0% in the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock valued at $12,006,000 after purchasing an additional 3,776,410 shares during the period. Millennium Management LLC grew its holdings in shares of Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after buying an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Tilray Brands during the third quarter worth about $5,813,000. Ausdal Financial Partners Inc. acquired a new position in Tilray Brands in the 2nd quarter valued at about $939,000. Finally, Scientech Research LLC purchased a new stake in Tilray Brands during the 3rd quarter valued at approximately $1,748,000. 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.