Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.4% - What's Next?

Key Points

• Tilray shares fell 2.4% to $2.43 in Friday trading, with volume 42% below the average session volume.
• Analysts have a consensus “Hold” rating and a $5.90 average price target, though recent firms have issued mixed ratings and reduced price targets.
• Tilray beat quarterly EPS estimates, reporting a loss of $0.02 per share versus an expected loss of $0.18, but revenue of $257.15 million came in below the $266.26 million consensus.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) dropped 2.4% on Friday. The stock traded as low as $2.41 and last traded at $2.43. Approximately 2,469,655 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 4,281,302 shares. The stock had previously closed at $2.49.

Wall Street Analyst Weigh In

TLRY has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Tilray Brands from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Canaccord Genuity Group cut their price target on shares of Tilray Brands from $4.50 to $4.00 and set a "hold" rating for the company in a research note on Friday, October 9th. ATB Cormark Capital Markets cut their price target on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating for the company in a research note on Monday, September 21st. TD Securities raised shares of Tilray Brands to a "strong-buy" rating in a report on Friday, July 31st. Finally, Weiss Ratings cut shares of Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, October 23rd. One investment 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $5.90.

Tilray Brands Stock Performance

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 has a 50 day simple moving average of $3.44 and a 200-day simple moving average of $5.22. The stock has a market cap of $359.13 million, a P/E ratio of -1.74 and a beta of 2.04.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $266.26 million. Tilray Brands had a negative return on equity of 10.39% and a negative net margin of 16.91%. On average, equities analysts expect 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 large investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new stake in Tilray Brands during the second quarter valued at about $27,000. Essential Partners LLC increased its holdings in shares of Tilray Brands by 110,137.5% in the first 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 period. Deutsche Bank AG bought a new stake in shares of Tilray Brands in the 2nd quarter valued at about $44,000. Corient Private Wealth LP purchased a new stake in Tilray Brands during the 2nd quarter valued at about $53,000. Finally, Centaurus Financial Inc. purchased a new stake in Tilray Brands during the 2nd quarter valued at about $58,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.