Tilray Brands (NASDAQ:TLRY) Downgraded by Zacks Research to Strong Sell

Key Points

• Zacks Research downgraded Tilray Brands to “strong sell” from “hold.” Despite mixed analyst views—including a recent “strong buy” upgrade—the overall consensus remains “hold,” with a $7.00 price target.
• Tilray shares opened at $3.75, near their 12-month low of $3.67 and well below the 12-month high of $23.20. The company reported a quarterly EPS loss of $0.43, missing estimates by $0.42, although revenue exceeded forecasts.
• Company insiders have recently purchased 15,000 shares worth $69,225, while institutional investors own 9.35% of Tilray’s stock.

Tilray Brands (NASDAQ:TLRY - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday, Zacks reports.

Several other analysts also recently issued reports on the company. TD Securities raised Tilray Brands to a "strong-buy" rating in a research note on Friday, July 31st. Weiss Ratings cut Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, September 21st. Wall Street Zen downgraded Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. ATB Cormark Capital Markets dropped their target price on Tilray Brands from $8.00 to $6.00 and set a "hold" rating on the stock in a research report on Monday, September 21st. Finally, TD Cowen cut their target price on Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Tilray Brands presently has a consensus rating of "Hold" and a consensus price target of $7.00.

Tilray Brands Stock Performance

Shares of TLRY opened at $3.75 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 2.21. Tilray Brands has a twelve month low of $3.67 and a twelve month high of $23.20. The firm's 50 day moving average price is $4.35 and its two-hundred day moving average price is $5.16. The firm has a market cap of $510.75 million, a P/E ratio of -3.47 and a beta of 1.92.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.42). The company had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. On average, analysts forecast that Tilray Brands will post -0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Carl Merton purchased 10,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the purchase, the chief financial officer directly owned 139,753 shares in the company, valued at $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 15,000 shares of company stock valued at $69,225 in the last ninety days. 0.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tilray Brands

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP grew its stake in shares of Tilray Brands by 124.1% in the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company's stock valued at $273,000 after buying an additional 33,688 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Tilray Brands during the second quarter worth $27,000. Squarepoint Ops LLC bought a new stake in Tilray Brands during the second quarter worth $192,000. Amundi acquired a new stake in Tilray Brands in the second quarter valued at $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Tilray Brands in the second quarter valued at $75,000. Institutional investors own 9.35% of the company's stock.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.

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