Tilray Brands (NASDAQ:TLRY) Shares Down 1.5% - Here's Why

Key Points

• Tilray Brands shares fell 1.5% to $4.50 in mid-day trading, with volume below the average session level.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an $8.00 average price target; TD Cowen recently cut its target to $5.00.
• The company missed quarterly earnings expectations, reporting a $0.43-per-share loss versus an expected $0.01 loss, despite revenue of $281.71 million exceeding estimates.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price fell 1.5% during mid-day trading on Tuesday . The company traded as low as $4.48 and last traded at $4.50. Approximately 3,461,349 shares were traded during mid-day trading, a decline of 19% from the average session volume of 4,259,230 shares. The stock had previously closed at $4.57.

Analyst Ratings Changes

TLRY has been the subject of several recent analyst reports. Weiss Ratings raised shares of Tilray Brands from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, August 24th. Wall Street Zen cut Tilray Brands from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. TD Cowen lowered their price target on Tilray Brands from $7.00 to $5.00 and set a "buy" rating for the company in a research report on Tuesday, July 14th. Finally, TD Securities upgraded Tilray Brands to a "strong-buy" rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $8.00.

Tilray Brands Price Performance

The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The business's 50 day moving average price is $4.47 and its two-hundred day moving average price is $5.68. The stock has a market cap of $612.90 million, a P/E ratio of -4.17 and a beta of 1.90.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $281.71 million for the quarter, compared to the consensus estimate of $246.30 million. Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. As a group, sell-side analysts expect that Tilray Brands, Inc. will post -0.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Carl A. Merton purchased 10,000 shares of Tilray Brands stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average cost of $4.62 per share, with a total value of $46,200.00. Following the completion of the purchase, the chief financial officer directly owned 139,753 shares in the company, valued at approximately $645,658.86. This trade represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders acquired 15,000 shares of company stock valued at $69,225 over the last 90 days. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tilray Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Tidal Investments LLC increased its stake in shares of Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock worth $12,006,000 after acquiring an additional 3,776,410 shares in the last quarter. Millennium Management LLC lifted its position in 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 acquiring an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Tilray Brands during the third quarter worth about $5,813,000. Ausdal Financial Partners Inc. bought a new stake in Tilray Brands during the second quarter worth about $939,000. Finally, Scientech Research LLC purchased a new stake in Tilray Brands in the third quarter worth about $1,748,000. Hedge funds and other institutional investors own 9.35% of the company's stock.

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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