Tilray Brands (NASDAQ:TLRY) Stock Price Down 2.8% - Here's Why

Key Points

• Tilray Brands shares fell 2.8% to $4.11 in midday trading, with volume down 32% from its average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but centers on a “Hold” consensus, with an average price target of $7.00; several firms recently lowered their targets, including ATB Cormark to $6 and TD Cowen to $5.
• Tilray reported a significant quarterly EPS miss, posting a loss of $0.43 per share versus the $0.01 expected, despite revenue of $281.71 million exceeding estimates. Insiders have continued buying shares, including a 10,000-share purchase by the CFO.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price was down 2.8% on Wednesday . The company traded as low as $4.11 and last traded at $4.11. 2,842,294 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 4,208,124 shares. The stock had previously closed at $4.23.

Analyst Ratings Changes

TLRY has been the subject of a number of analyst reports. TD Securities raised Tilray Brands to a "strong-buy" rating in a report on Friday, July 31st. Weiss Ratings downgraded Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday. Wall Street Zen lowered Tilray Brands from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. ATB Cormark Capital Markets reduced their price objective on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating for the company in a research report on Monday. Finally, TD Cowen dropped their target price on shares of Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $7.00.

Tilray Brands Price Performance

The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The company's fifty day moving average is $4.38 and its two-hundred day moving average is $5.29. The stock has a market cap of $559.78 million, a price-to-earnings ratio of -3.81 and a beta of 1.92.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) EPS 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 business had revenue of $281.71 million during the quarter, compared to analysts' expectations of $246.30 million. As a group, research analysts predict that Tilray Brands, Inc. will post -0.47 earnings per share for the current year.

Insider Activity

In related news, CFO Carl Merton acquired 10,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was bought at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the purchase, the chief financial officer directly owned 139,753 shares of the company's stock, valued at approximately $645,658.86. The trade was a 7.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have acquired 15,000 shares of company stock valued at $69,225. Corporate insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Tilray Brands

Several hedge funds have recently made changes to their positions in TLRY. Engineers Gate Manager LP boosted its position in Tilray Brands by 124.1% during the second quarter. Engineers Gate Manager LP now owns 60,839 shares of the company's stock worth $273,000 after purchasing an additional 33,688 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Tilray Brands in the second quarter valued at $27,000. Squarepoint Ops LLC purchased a new position in shares of Tilray Brands in the second quarter valued at $192,000. Amundi acquired a new position in shares of Tilray Brands during the 2nd quarter worth $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Tilray Brands during the 2nd quarter worth $75,000. Institutional investors and hedge funds own 9.35% of the company's stock.

Tilray Brands Company Profile

Tilray Brands, Inc is a global consumer packaged goods company headquartered in New York. Its operations span cannabis, beverage alcohol, wellness products and related consumer brands. The company develops, produces, markets and distributes cannabis products, including dried flower, pre-rolls, vapes, concentrates, edibles and medical cannabis, where permitted by local regulations.

Tilray also operates a beverage alcohol platform that includes beer, spirits and other alcoholic beverages.

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.