Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.1% - Here's What Happened

Key Points

• Tilray Brands shares fell 2.1% to $4.21 in mid-day trading, with volume slightly above its average.
• Analyst sentiment remains mixed: the consensus rating is “Hold”, with an average price target of $8.00, although TD Cowen reduced its target from $7.00 to $5.00.
• The company reported a substantial quarterly EPS miss, posting a loss of $0.43 per share versus estimates of a $0.01 loss, despite revenue of $281.71 million exceeding expectations.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) dropped 2.1% during mid-day trading on Wednesday . The stock traded as low as $4.18 and last traded at $4.21. Approximately 4,490,407 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 4,244,847 shares. The stock had previously closed at $4.30.

Analysts Set New Price Targets

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

Tilray Brands Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 2.21 and a quick ratio of 1.37. The firm has a market capitalization of $573.40 million, a price-to-earnings ratio of -3.90 and a beta of 1.92. The business's fifty day simple moving average is $4.46 and its 200 day simple moving average is $5.55.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced 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). Tilray Brands had a negative net margin of 13.11% and a negative return on equity of 7.76%. The company had revenue of $281.71 million for the quarter, compared to analyst estimates of $246.30 million. On average, research analysts forecast that Tilray Brands, Inc. will post -0.42 EPS for the current year.

Insider Activity at Tilray Brands

In other news, CFO Carl Merton bought 10,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer directly owned 139,753 shares of the company's stock, valued at $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 the SEC website. Insiders purchased a total of 15,000 shares of company stock worth $69,225 in the last ninety days. Insiders own 0.84% of the company's stock.

Institutional Trading of Tilray Brands

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Tilray Brands during the second quarter valued at approximately $2,073,000. Hillsdale Investment Management Inc. purchased a new stake in Tilray Brands in the 4th quarter valued at about $4,855,000. IFP Advisors Inc lifted its position in shares of Tilray Brands by 14.3% during the 4th quarter. IFP Advisors Inc now owns 60,318 shares of the company's stock worth $545,000 after buying an additional 7,541 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Tilray Brands in the 4th quarter worth approximately $346,000. Finally, Essential Partners LLC boosted its stake in shares of Tilray Brands by 110,137.5% in the 1st quarter. Essential Partners LLC now owns 8,819 shares of the company's stock worth $57,000 after buying an additional 8,811 shares during the last quarter. Institutional investors and hedge funds own 9.35% of the company's stock.

About Tilray Brands

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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