Arizona State Retirement System Sells 276,014 Shares of Tilray Brands, Inc. $TLRY

Key Points

• Arizona State Retirement System sharply reduced its Tilray Brands stake, selling 276,014 shares in the fourth quarter and cutting its position by 89.9% to 31,179 shares worth about $282,000.
• Analyst sentiment on TLRY is mixed but leans cautious: the stock now has an average Hold rating and a consensus price target of $11.50, while TD Cowen lowered its target from $10 to $7.
• Tilray’s latest quarterly results showed continued losses, with EPS of -$0.24 versus estimates of -$0.14, even though revenue of $206.73 million topped expectations.

Arizona State Retirement System trimmed its position in Tilray Brands, Inc. (NASDAQ:TLRY - Free Report) by 89.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,179 shares of the company's stock after selling 276,014 shares during the period. Arizona State Retirement System's holdings in Tilray Brands were worth $282,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in shares of Tilray Brands by 33.8% in the third quarter. Integrated Wealth Concepts LLC now owns 36,977 shares of the company's stock valued at $64,000 after purchasing an additional 9,341 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Tilray Brands by 12.2% in the third quarter. CreativeOne Wealth LLC now owns 87,134 shares of the company's stock valued at $151,000 after purchasing an additional 9,452 shares in the last quarter. Dudley Capital Management LLC lifted its holdings in shares of Tilray Brands by 73.3% in the third quarter. Dudley Capital Management LLC now owns 26,000 shares of the company's stock valued at $45,000 after purchasing an additional 11,000 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Tilray Brands in the third quarter valued at about $25,000. Finally, Silverlake Wealth Management LLC bought a new stake in shares of Tilray Brands in the third quarter valued at about $25,000. 9.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on TLRY. TD Cowen cut their price target on Tilray Brands from $10.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, March 30th. Weiss Ratings upgraded Tilray Brands from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, April 29th. Zacks Research upgraded Tilray Brands from a "strong sell" rating to a "hold" rating in a report on Wednesday, February 11th. Canaccord Genuity Group began coverage on Tilray Brands in a report on Tuesday, January 27th. They issued a "hold" rating on the stock. 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 given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $11.50.

Tilray Brands Price Performance

Shares of NASDAQ TLRY opened at $5.56 on Friday. The business's 50 day moving average price is $6.80 and its two-hundred day moving average price is $8.80. The company has a market cap of $648.02 million, a PE ratio of -0.41 and a beta of 1.94. The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. Tilray Brands, Inc. has a twelve month low of $3.51 and a twelve month high of $23.20.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced its quarterly earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.10). The business had revenue of $206.73 million for the quarter, compared to analyst estimates of $201.35 million. Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.During the same period last year, the firm earned ($0.87) EPS. On average, analysts predict that Tilray Brands, Inc. will post -0.58 EPS for the current year.

Insiders Place Their Bets

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

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.

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