Tilray Brands (NASDAQ:TLRY) Stock Price Down 3.6% - Here's What Happened

Key Points

• Tilray Brands shares fell 3.6% to $2.92 in mid-day trading, with the stock substantially below its 50-day ($4.09) and 200-day ($4.85) moving averages.
• Analyst sentiment remains mixed but leans cautious: the consensus rating is “Hold” with a $5.90 price target, while several firms recently lowered their targets and Zacks Research downgraded the stock to “Strong Sell.”
• Tilray exceeded quarterly EPS expectations, reporting a loss of $0.02 per share versus the estimated $0.18 loss, but revenue of $257.15 million fell short of forecasts and the company remained unprofitable.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price was down 3.6% during mid-day trading on Wednesday. The company traded as low as $2.91 and last traded at $2.92. 4,182,727 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 4,209,940 shares. The stock had previously closed at $3.03.

Analysts Set New Price Targets

Several analysts recently commented on the company. Zacks Research cut Tilray Brands from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 29th. Weiss Ratings raised Tilray Brands from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, October 8th. TD Cowen decreased their price objective on Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a report on Tuesday, July 14th. ATB Cormark Capital Markets lowered their target price on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating on the stock in a research note on Monday, September 21st. Finally, Canaccord Genuity Group lowered their target price on shares of Tilray Brands from $4.50 to $4.00 and set a "hold" rating on the stock in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Tilray Brands currently has an average rating of "Hold" and a consensus price target of $5.90.

Tilray Brands Stock Performance

The company has a market cap of $431.54 million, a price-to-earnings ratio of -2.09 and a beta of 1.91. 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 stock's fifty day simple moving average is $4.09 and its 200 day simple moving average is $4.85.

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

Insider Activity at Tilray Brands

In related news, CFO Carl Merton acquired 10,000 shares of Tilray Brands stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average price of $4.62 per share, for a total transaction of $46,200.00. Following the completion of the transaction, the chief financial officer owned 139,753 shares in the company, valued at $645,658.86. This represents a 7.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 15,000 shares of company stock valued at $69,225 over the last ninety days. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tilray Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SLT Holdings LLC acquired a new stake in shares of Tilray Brands in the 3rd quarter worth $247,000. Engineers Gate Manager LP boosted its position in shares of Tilray Brands by 124.1% during the 2nd quarter. Engineers Gate Manager LP now owns 60,839 shares of the company's stock valued at $273,000 after acquiring an additional 33,688 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Tilray Brands during the 2nd quarter valued at about $27,000. Squarepoint Ops LLC acquired a new position in shares of Tilray Brands during the 2nd quarter valued at about $192,000. Finally, Amundi purchased a new stake in shares of Tilray Brands in the second quarter valued at about $131,000. 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 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.

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.