Tilray Brands (NASDAQ:TLRY) Sees Strong Trading Volume - What's Next?

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) saw strong trading volume on Wednesday . 28,303,540 shares traded hands during mid-day trading, a decline of 7% from the previous session's volume of 30,403,320 shares.The stock last traded at $0.64 and had previously closed at $0.59.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of Tilray Brands from $2.00 to $1.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen downgraded shares of Tilray Brands to a "strong sell" rating in a research note on Saturday, July 5th. Finally, Roth Capital reaffirmed a "neutral" rating on shares of Tilray Brands in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $1.92.

Tilray Brands Stock Performance

The company has a current ratio of 2.62, a quick ratio of 1.61 and a debt-to-equity ratio of 0.12. The firm's 50-day moving average is $0.45 and its two-hundred day moving average is $0.71. The stock has a market cap of $584.27 million, a price-to-earnings ratio of -0.55 and a beta of 1.82.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Tuesday, April 8th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). The business had revenue of $185.78 million during the quarter, compared to analyst estimates of $213.38 million. Tilray Brands had a negative net margin of 113.85% and a negative return on equity of 7.40%. As a group, sell-side analysts expect that Tilray Brands, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Baader Bank Aktiengesellschaft increased its stake in Tilray Brands by 11.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 339,706 shares of the company's stock valued at $134,000 after purchasing an additional 33,684 shares during the period. AQR Capital Management LLC grew its position in Tilray Brands by 1,839.7% during the first quarter. AQR Capital Management LLC now owns 607,054 shares of the company's stock worth $399,000 after buying an additional 575,757 shares during the period. State of Wyoming grew its position in Tilray Brands by 133.0% during the first quarter. State of Wyoming now owns 241,165 shares of the company's stock worth $159,000 after buying an additional 137,676 shares during the period. Zuckerman Investment Group LLC acquired a new stake in shares of Tilray Brands in the first quarter valued at approximately $33,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Tilray Brands by 30.4% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 527,995 shares of the company's stock valued at $345,000 after purchasing an additional 122,969 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

About Tilray Brands

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.