Tilray Brands (NASDAQ:TLRY) Stock Price Down 4% - Here's Why

Key Points

• Tilray shares fell 4% to $3.14, with trading volume slightly above average. The stock remains below its 50-day and 200-day moving averages of $4.23 and $4.96, respectively.
• Analysts have generally reduced their price targets, leaving Tilray with a consensus “Hold” rating and an average target of $5.90; ratings include one Strong Buy, three Buys, two Holds and two Sells.
• Tilray beat quarterly EPS estimates with a loss of $0.02 per share versus the expected $0.18 loss, but revenue of $257.15 million missed forecasts and the company remains unprofitable, with a negative net margin of 16.91%.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price traded down 4% during trading on Wednesday. The stock traded as low as $3.10 and last traded at $3.14. 4,566,251 shares traded hands during trading, an increase of 8% from the average daily volume of 4,240,356 shares. The stock had previously closed at $3.27.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. TD Cowen decreased their target price on Tilray Brands from $7.00 to $5.00 and set a "buy" rating for the company in a research note on Tuesday, July 14th. Wall Street Zen downgraded Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. ATB Cormark Capital Markets dropped their price target on Tilray Brands from $8.00 to $6.00 and set a "hold" rating on the stock in a research report on Monday, September 21st. TD dropped their price target on Tilray Brands from $4.70 to $4.50 and set a "buy" rating on the stock in a research report on Monday, October 5th. Finally, Canaccord Genuity Group cut their price objective on Tilray Brands from $4.50 to $4.00 and set a "hold" rating on the stock in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average 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 stock's 50 day simple moving average is $4.23 and its two-hundred day simple moving average is $4.96. The stock has a market cap of $427.67 million, a P/E ratio of -2.24 and a beta of 1.91.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings results on Thursday, October 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.16. Tilray Brands had a negative net margin of 16.91% and a negative return on equity of 10.39%. The company had revenue of $257.15 million during the quarter, compared to analysts' expectations of $266.26 million. As a group, research analysts forecast that Tilray Brands, Inc. will post -0.48 EPS for the current year.

Insider Buying and Selling

In related news, CFO Carl Merton acquired 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were acquired at an average cost of $4.62 per share, with a total value of $46,200.00. Following the transaction, the chief financial officer owned 139,753 shares of the company's stock, valued at $645,658.86. The trade was a 7.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have acquired 15,000 shares of company stock valued at $69,225. Insiders own 1.60% of the company's stock.

Institutional Trading of Tilray Brands

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Tilray Brands in the 2nd quarter valued at about $2,073,000. Legal & General Group Plc bought a new position in Tilray Brands in the 2nd quarter valued at about $381,000. Squarepoint Ops LLC bought a new position in Tilray Brands in the 2nd quarter valued at about $192,000. Jupiter Topco LLC acquired a new stake in Tilray Brands during the second quarter worth approximately $188,000. Finally, Hsbc Holdings PLC acquired a new stake in Tilray Brands during the second quarter worth approximately $182,000. Institutional investors and hedge funds own 9.35% of the company's stock.

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.

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.