Tilray Brands (NASDAQ:TLRY) Shares Down 11.8% - Time to Sell?

Key Points

• Tilray Brands' stock price fell sharply by 11.8% on the day, trading as low as $0.55 before closing at $0.62.
• Analysts have varied opinions on the stock, with Wall Street Zen issuing a "strong sell" rating and an average consensus price target of $1.92.
• Recent institutional activity shows significant increases in stakes by hedge funds, including Tradewinds Capital Management, which grew its position by 177.0% in the second quarter.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) fell 11.8% on Tuesday . The stock traded as low as $0.55 and last traded at $0.62. 33,679,963 shares traded hands during trading, a decline of 6% from the average session volume of 35,689,563 shares. The stock had previously closed at $0.70.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TLRY. Roth Capital restated a "neutral" rating on shares of Tilray Brands in a report on Monday, April 14th. Wall Street Zen lowered Tilray Brands to a "strong sell" rating in a research report on Saturday, July 5th. Piper Sandler lowered their price target on Tilray Brands from $2.00 to $1.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Finally, Zelman & Associates reaffirmed a "neutral" rating on shares of Tilray Brands in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $1.92.

Tilray Brands Price Performance

The stock has a market cap of $573.71 million, a P/E ratio of -0.25 and a beta of 1.82. The firm has a 50-day moving average price of $0.50 and a 200-day moving average price of $0.64. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.61 and a current ratio of 2.46.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.05. The company had revenue of $224.54 million for the quarter, compared to the consensus estimate of $250.41 million. Tilray Brands had a negative return on equity of 6.83% and a negative net margin of 265.69%. On average, analysts forecast that Tilray Brands, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Tilray Brands

In related news, CEO Irwin D. Simon purchased 165,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were bought at an average price of $0.61 per share, for a total transaction of $100,650.00. Following the purchase, the chief executive officer directly owned 3,941,633 shares of the company's stock, valued at approximately $2,404,396.13. This represents a 4.37% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.60% of the stock is owned by insiders.

Institutional Trading of Tilray Brands

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in Tilray Brands by 54.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock valued at $2,890,000 after purchasing an additional 769,569 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Tilray Brands by 112.7% during the 4th quarter. JPMorgan Chase & Co. now owns 919,082 shares of the company's stock valued at $1,222,000 after purchasing an additional 487,051 shares during the last quarter. Millennium Management LLC purchased a new stake in Tilray Brands during the 4th quarter valued at $879,000. Raymond James Financial Inc. purchased a new stake in Tilray Brands during the 4th quarter valued at $255,000. Finally, Tidal Investments LLC boosted its stake in Tilray Brands by 9.2% during the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company's stock valued at $14,092,000 after purchasing an additional 889,086 shares during the last quarter. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

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.