Tilray Brands (NASDAQ:TLRY) Shares Down 4.1% - Here's What Happened

Key Points

• Tilray shares fell 4.1% to $2.81 in mid-day trading, with volume below its average; the stock remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but centers on a “Hold” consensus; several firms lowered their price targets, while the average target remains $5.90.
• Tilray’s latest quarter beat EPS expectations, reporting a $0.02 loss versus the projected $0.18 loss, but revenue came in below estimates and the company continues to post negative margins and return on equity.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) was down 4.1% during mid-day trading on Friday. The company traded as low as $2.80 and last traded at $2.81. 3,696,215 shares traded hands during trading, a decline of 12% from the average session volume of 4,219,726 shares. The stock had previously closed at $2.93.

Analyst Ratings Changes

Several brokerages recently issued reports on TLRY. Canaccord Genuity Group cut their target price on shares of Tilray Brands from $4.50 to $4.00 and set a "hold" rating for the company in a research report on Friday, October 9th. TD lowered their price target on Tilray Brands from $4.70 to $4.50 and set a "buy" rating on the stock in a research report on Monday, October 5th. Wall Street Zen downgraded Tilray Brands from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. ATB Cormark Capital Markets dropped their price target on Tilray Brands from $8.00 to $6.00 and set a "hold" rating for the company in a research note on Monday, September 21st. Finally, Weiss Ratings upgraded Tilray Brands from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $5.90.

Tilray Brands Price Performance

The business's 50-day simple moving average is $4.02 and its 200-day simple moving average is $4.80. The stock has a market cap of $415.29 million, a PE ratio of -2.01 and a beta of 1.91. The company has a quick ratio of 1.11, a current ratio of 1.88 and a debt-to-equity ratio of 0.17.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last issued its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.16. The firm had revenue of $257.15 million during the quarter, compared to the consensus estimate of $266.26 million. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. On average, research analysts expect that Tilray Brands, Inc. will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling

In other Tilray Brands news, CFO Carl Merton acquired 10,000 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the acquisition, the chief financial officer owned 139,753 shares in the company, valued at $645,658.86. This represents a 7.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders purchased 15,000 shares of company stock worth $69,225. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Tilray Brands

Several hedge funds have recently made changes to their positions in TLRY. SLT Holdings LLC purchased a new stake in Tilray Brands in the third quarter worth $247,000. Engineers Gate Manager LP boosted its holdings in 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 acquiring an additional 33,688 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Tilray Brands during the 2nd quarter valued at $27,000. Squarepoint Ops LLC purchased a new position in Tilray Brands during the 2nd quarter valued at $192,000. Finally, Amundi purchased a new position in Tilray Brands during the 2nd quarter valued at $131,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast.

The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co and Blue Point Brewing Company.

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