Tilray Brands (NASDAQ:TLRY) Stock Price Down 7% - Here's What Happened

Key Points

• Tilray shares fell 7% to $2.65, down from a previous close of $2.85.
• Analyst views were mixed, with Tilray carrying an average “Hold” rating and a consensus price target of $5.90; recent target cuts and downgrades weighed on sentiment.
• Tilray beat quarterly EPS expectations, reporting a loss of $0.02 per share versus the expected $0.18 loss, but revenue of $257.15 million came in below the $266.26 million consensus.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price fell 7% on Tuesday. The company traded as low as $2.63 and last traded at $2.65. Approximately 4,190,241 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 4,280,310 shares. The stock had previously closed at $2.85.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TLRY shares. TD Securities raised shares of Tilray Brands to a "strong-buy" rating in a research report on Friday, July 31st. Wall Street Zen lowered shares of Tilray Brands from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. ATB Cormark Capital Markets dropped their target price on shares of Tilray Brands from $8.00 to $6.00 and set a "hold" rating on the stock in a report on Monday, September 21st. Canaccord Genuity Group cut their target price on shares of Tilray Brands from $4.50 to $4.00 and set a "hold" rating for the company in a research report on Friday, October 9th. Finally, Zacks Research downgraded Tilray Brands from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Tilray Brands presently has an average rating of "Hold" and an average price target of $5.90.

Tilray Brands Stock Down 7.0%

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 firm has a market capitalization of $391.64 million, a P/E ratio of -1.89 and a beta of 2.04. The company's 50-day simple moving average is $3.56 and its two-hundred day simple moving average is $5.31.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last issued its quarterly earnings data on Thursday, October 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.16. The firm had revenue of $257.15 million during the quarter, compared to the consensus estimate 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, research analysts expect that Tilray Brands, Inc. will post -0.52 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Pictet Asset Management Holding SA boosted its holdings in Tilray Brands by 38.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 18,387 shares of the company's stock valued at $119,000 after acquiring an additional 5,145 shares during the period. Integrated Wealth Concepts LLC bought a new position in Tilray Brands in the 2nd quarter valued at $27,000. Baader Bank Aktiengesellschaft grew its position in Tilray Brands by 17.7% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company's stock valued at $293,000 after acquiring an additional 7,226 shares during the last quarter. Essential Partners LLC increased its stake in 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 purchasing an additional 8,811 shares during the period. Finally, Swiss National Bank increased its stake in Tilray Brands by 4.1% in the first quarter. Swiss National Bank now owns 230,503 shares of the company's stock worth $1,491,000 after purchasing an additional 9,100 shares during the period. Institutional investors own 9.35% of the company's stock.

Tilray Brands Company Profile

Tilray Brands, Inc. is a global consumer packaged goods company operating across the cannabis, beverage alcohol, wellness and distribution sectors. Its cannabis business includes adult-use and medical cannabis products such as dried flower, pre-rolls, vapes, concentrates, edibles and beverages, marketed under brands including Good Supply, RIFF and Broken Coast. The company also owns and operates beverage alcohol businesses, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Co. and Blue Point Brewing Company.

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