Tilray Brands (NASDAQ:TLRY) Stock Falls 4.6% - Here's Why

Key Points

• Tilray shares fell 4.6% to $2.49 in Thursday mid-day trading, with volume 14% below the average.
• Analyst views are mixed, but the consensus rating is Hold with an average price target of $5.90; recent downgrades included Sell and Strong Sell ratings.
• Tilray beat quarterly EPS expectations, posting a loss of $0.02 per share versus forecasts of a $0.18 loss, but revenue of $257.15 million came in below the $266.26 million estimate.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares dropped 4.6% during mid-day trading on Thursday. The stock traded as low as $2.47 and last traded at $2.49. Approximately 3,702,314 shares changed hands during trading, a decline of 14% from the average session volume of 4,289,471 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

TLRY has been the topic of a number of analyst reports. Wall Street Zen cut Tilray Brands from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. ATB Cormark Capital Markets dropped their price objective 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. Zacks Research cut shares of Tilray Brands from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 29th. TD Securities raised shares of Tilray Brands to a "strong-buy" rating in a research note on Friday, July 31st. Finally, TD lowered their price target on shares of Tilray Brands from $4.70 to $4.50 and set a "buy" rating for the company in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $5.90.

Tilray Brands Stock Performance

The company has a market cap of $368.00 million, a PE ratio of -1.78 and a beta of 2.04. The company has a current ratio of 1.88, a quick ratio of 1.11 and a debt-to-equity ratio of 0.17. The business has a fifty day moving average of $3.48 and a 200-day moving average of $5.25.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.16. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. The business had revenue of $257.15 million during the quarter, compared to analyst estimates of $266.26 million. Equities research analysts anticipate that Tilray Brands, Inc. will post -0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tilray Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Tilray Brands in the second quarter valued at $2,073,000. Swiss National Bank raised its holdings in Tilray Brands by 4.1% in the 1st quarter. Swiss National Bank now owns 230,503 shares of the company's stock worth $1,491,000 after purchasing an additional 9,100 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Tilray Brands by 6.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,229 shares of the company's stock worth $935,000 after purchasing an additional 11,894 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Tilray Brands by 82.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company's stock worth $568,000 after purchasing an additional 39,801 shares during the period. Finally, Legal & General Group Plc purchased a new stake in shares of Tilray Brands in the 2nd quarter worth about $381,000. Institutional investors own 9.35% of the company's stock.

About Tilray Brands

Tilray Brands is a global cannabis and consumer packaged goods company. Its cannabis business produces and sells medical and adult-use products, including dried flower, oils, extracts and edibles, under brands such as Good Supply, Solei, Redecan and Broken Coast. The company serves customers in Canada, the United States and international markets. Its activities include medical cannabis distribution in countries where permitted, as well as cannabis and hemp-related products in North America, subject to local regulations.

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