Tilray Brands (NASDAQ:TLRY) Stock Falls 5.1% After Analyst Downgrade

Key Points

• Tilray Brands shares fell 5.1% to $3.36 after Canaccord Genuity cut its price target from $4.50 to $4.00 while maintaining a hold rating.
• Analyst sentiment is mixed but leans neutral: MarketBeat reports a consensus Hold rating and an average price target of $5.90, with ratings ranging from Strong Buy to Sell.
• Tilray’s latest quarter showed revenue of $281.71 million, above estimates, but the company reported a significant EPS miss of $0.43 and continues to post negative profitability metrics.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares fell 5.1% during mid-day trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $4.50 to $4.00. Canaccord Genuity Group currently has a hold rating on the stock. Tilray Brands traded as low as $3.34 and last traded at $3.36. 3,876,815 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 4,239,357 shares. The stock had previously closed at $3.54.

A number of other analysts have also weighed in on TLRY. Wall Street Zen cut shares of Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. TD Cowen decreased their price target on shares of Tilray Brands from $7.00 to $5.00 and set a "buy" rating for the company in a research note on Tuesday, July 14th. 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. Weiss Ratings downgraded shares of Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, September 21st. Finally, TD Securities raised shares of Tilray Brands to a "strong-buy" rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $5.90.

Insiders Place Their Bets

In other Tilray Brands news, CFO Carl Merton purchased 10,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was bought at an average cost of $4.62 per share, with a total value of $46,200.00. Following the acquisition, the chief financial officer directly owned 139,753 shares of the company's stock, valued at approximately $645,658.86. This represents a 7.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 15,000 shares of company stock valued at $69,225 in the last 90 days. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

Tilray Brands Price Performance

The company has a market capitalization of $457.65 million, a PE ratio of -2.40 and a beta of 1.91. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.88 and a quick ratio of 1.11. The company's 50 day simple moving average is $4.29 and its 200 day simple moving average is $5.01.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.42). Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. The company had revenue of $281.71 million for the quarter, compared to analyst estimates of $246.30 million. As a group, sell-side analysts predict that Tilray Brands, Inc. will post -0.48 earnings per share for the current year.

About Tilray Brands

Tilray Brands, Inc is a global consumer packaged goods company focused on cannabis, beverage alcohol, wellness and consumer products. The company develops, produces, distributes and markets a range of cannabis products, including dried flower, pre-rolls, vapes, edibles and medical cannabis products, subject to applicable regulations in the markets it serves.

Tilray also operates beverage alcohol businesses, including craft beer, spirits and other alcoholic beverages. Its portfolio has included brands such as SweetWater Brewing Company, Montauk Brewing Company and Breckenridge Distillery.

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