Tilray Brands (NASDAQ:TLRY) Shares Down 2.3% – Here’s What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) were down 2.3% on Thursday . The stock traded as low as $6.72 and last traded at $6.79. Approximately 2,670,441 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 3,576,508 shares. The stock had previously closed at $6.95.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TLRY shares. Roth Mkm raised Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research report on Thursday, April 2nd. ATB Cormark Capital Markets cut their price objective on Tilray Brands from $9.50 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, January 21st. Zacks Research raised Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, Wall Street Zen raised Tilray Brands from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.50.

Tilray Brands Price Performance

The company has a current ratio of 2.79, a quick ratio of 1.66 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $7.08 and a 200 day moving average price of $9.87. The stock has a market cap of $791.37 million, a PE ratio of -0.50 and a beta of 2.00.

Tilray Brands (NASDAQ:TLRY) last issued its quarterly earnings results on Wednesday, April 1st. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The firm had revenue of $206.73 million for the quarter, compared to analysts’ expectations of $201.35 million. During the same period in the prior year, the company earned ($0.87) EPS. As a group, research analysts forecast that Tilray Brands, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Tidal Investments LLC lifted 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 valued at $12,006,000 after buying an additional 3,776,410 shares during the last quarter. Millennium Management LLC lifted 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 valued at $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 3rd quarter valued at $5,813,000. Ausdal Financial Partners Inc. purchased a new position in shares of Tilray Brands during the 2nd quarter valued at $939,000. Finally, Swiss National Bank lifted 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 valued at $3,483,000 after buying an additional 84,900 shares during the last quarter. Hedge funds and other institutional investors own 9.35% of the company’s stock.

About Tilray Brands

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.