Tilray Brands (NASDAQ:TLRY) Stock Price Down 5.2% – Here’s Why

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) traded down 5.2% on Monday . The company traded as low as $4.36 and last traded at $4.38. 4,723,193 shares were traded during mid-day trading, an increase of 10% from the average daily volume of 4,282,652 shares. The stock had previously closed at $4.62.

Analysts Set New Price Targets

Several brokerages recently weighed in on TLRY. Roth Mkm raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Thursday, April 2nd. ATB Cormark Capital Markets dropped their price target on shares of Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating for the company in a research note on Thursday, April 2nd. Weiss Ratings lowered Tilray Brands from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. TD Cowen reduced 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. Finally, Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.50.

Tilray Brands Price Performance

The stock’s 50 day moving average is $5.29 and its two-hundred day moving average is $7.06. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66. The stock has a market capitalization of $510.49 million, a PE ratio of -0.32 and a beta of 1.89.

Insider Buying and Selling

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total value of $232,878.64. The sale was disclosed in a filing with the SEC, which is available through this link. 0.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tilray Brands

Several institutional investors have recently modified their holdings of TLRY. Hilton Head Capital Partners LLC purchased a new position in Tilray Brands in the fourth quarter valued at $38,000. Cerity Partners LLC lifted its holdings in Tilray Brands by 98.5% during the 2nd quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock worth $38,000 after buying an additional 45,929 shares during the last quarter. Marex Group plc acquired a new position in shares of Tilray Brands during the 2nd quarter worth about $40,000. Hilton Capital Management LLC acquired a new position in shares of Tilray Brands during the 2nd quarter worth about $41,000. Finally, Insigneo Advisory Services LLC purchased a new position in shares of Tilray Brands in the 3rd quarter valued at about $46,000. 9.35% of the stock is owned by hedge funds and other 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.