Tilray Brands (NASDAQ:TLRY) Stock Price Down 6.6% – What’s Next?

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

Wall Street Analysts Forecast Growth

TLRY has been the topic of a number of recent analyst reports. Zelman & Associates reissued a “neutral” rating on shares of Tilray Brands in a report on Tuesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Jefferies Financial Group boosted their price target on Tilray Brands from $1.50 to $2.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Wall Street Zen upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, 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. Two equities 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $2.00.

Tilray Brands Stock Down 6.6%

The business has a 50-day moving average of $1.39 and a 200 day moving average of $0.92. The company has a market capitalization of $1.08 billion, a PE ratio of -0.42 and a beta of 2.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.62 and a quick ratio of 1.56.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its position in shares of Tilray Brands by 33.8% during the third quarter. Integrated Wealth Concepts LLC now owns 36,977 shares of the company’s stock valued at $64,000 after buying an additional 9,341 shares during the last quarter. CreativeOne Wealth LLC raised its stake in shares of Tilray Brands by 12.2% during the 3rd quarter. CreativeOne Wealth LLC now owns 87,134 shares of the company’s stock worth $151,000 after acquiring an additional 9,452 shares in the last quarter. Dudley Capital Management LLC lifted its position in Tilray Brands by 73.3% during the third quarter. Dudley Capital Management LLC now owns 26,000 shares of the company’s stock valued at $45,000 after acquiring an additional 11,000 shares during the last quarter. Arizona State Retirement System boosted its stake in Tilray Brands by 4.3% in the third quarter. Arizona State Retirement System now owns 307,193 shares of the company’s stock valued at $531,000 after acquiring an additional 12,675 shares in the last quarter. Finally, Brighton Jones LLC grew its holdings in Tilray Brands by 28.3% in the third quarter. Brighton Jones LLC now owns 59,510 shares of the company’s stock worth $103,000 after purchasing an additional 13,137 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors.

Tilray Brands Company Profile

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.