Tilray Brands (NASDAQ:TLRY) Stock Price Down 1.3% – Here’s Why

Tilray Brands, Inc. (NASDAQ:TLRY) traded down 1.3% during trading on Friday . The stock traded as low as $6.06 and last traded at $6.16. 4,084,272 shares were traded during mid-day trading, a decline of 11% from the average session volume of 4,566,116 shares. The stock had previously closed at $6.24.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tilray Brands in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Canaccord Genuity Group started coverage on shares of Tilray Brands in a research report on Tuesday, January 27th. They issued a “hold” rating on the stock. TD Cowen cut their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. Finally, Zacks Research upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.50.

Tilray Brands Stock Performance

The stock has a market capitalization of $717.95 million, a P/E ratio of -0.45 and a beta of 2.00. The company’s 50-day moving average is $6.92 and its two-hundred day moving average is $9.12. The company has a current ratio of 2.79, a quick ratio of 1.66 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings data on Wednesday, April 1st. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.10). The firm had revenue of $206.73 million during the quarter, compared to the consensus estimate 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 prior year, the business earned ($0.87) earnings per share. As a group, sell-side analysts anticipate that Tilray Brands, Inc. will post -0.58 EPS for the current fiscal year.

Insider Activity at Tilray Brands

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the business’s stock in a transaction dated Tuesday, April 21st. The shares were 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 available through the SEC website. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Tilray Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC raised its position in shares of Tilray Brands by 15.0% during the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company’s stock worth $12,006,000 after buying an additional 3,776,410 shares in the last quarter. Millennium Management LLC raised its position in shares of Tilray Brands by 281.0% during the 3rd 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Tilray Brands during the 3rd quarter worth about $5,813,000. Ausdal Financial Partners Inc. bought a new stake in shares of Tilray Brands during the 2nd quarter worth about $939,000. Finally, Swiss National Bank raised its position in shares of Tilray Brands by 4.4% during the 3rd quarter. Swiss National Bank now owns 2,013,038 shares of the company’s stock worth $3,483,000 after buying an additional 84,900 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors.

Tilray Brands Company Profile

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.