Tilray Brands (NASDAQ:TLRY) Shares Down 3.8% - What's Next?

Key Points

• Tilray shares fell about 3.8% intraday to roughly $0.78, with volume ~53.3 million shares (about 7% above average).
• The company will enact a 1-for-10 reverse split effective the morning of Dec. 2, with share counts adjusted after the close on Dec. 1.
• Analysts hold a consensus "Hold" rating with an average price target of $2.00; Jefferies raised its target to $2.00 and issued a "Buy" while overall coverage is 2 Buy / 3 Hold / 2 Sell.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) were down 3.8% during mid-day trading on Monday . The stock traded as low as $0.7708 and last traded at $0.7824. Approximately 53,284,953 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 49,791,582 shares. The stock had previously closed at $0.8130.

Analyst Ratings Changes

A number of research firms have weighed in on TLRY. Jefferies Financial Group increased their price objective on Tilray Brands from $1.50 to $2.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. Wall Street Zen raised Tilray Brands from a "strong sell" rating to a "hold" rating in a report on Saturday, October 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Finally, Atb Cap Markets cut shares of Tilray Brands from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 9th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $2.00.

Tilray Brands Stock Performance

The stock's 50 day moving average price is $1.35 and its two-hundred day moving average price is $0.95. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $878.53 million, a price-to-earnings ratio of -0.34 and a beta of 1.76.

Tilray Brands's stock is going to reverse split on the morning of Tuesday, December 2nd. The 1-10 reverse split was announced on Wednesday, November 26th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 1st.

Institutional Investors Weigh In On Tilray Brands

Institutional investors have recently modified their holdings of the company. Tidal Investments LLC increased its stake in Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock valued at $12,006,000 after purchasing an additional 3,776,410 shares in the last quarter. Millennium Management LLC increased its holdings in Tilray Brands by 281.0% during the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company's stock valued at $8,550,000 after acquiring an additional 3,645,060 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Tilray Brands during the third quarter worth about $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Tilray Brands in the second quarter valued at about $939,000. Finally, Scientech Research LLC acquired a new stake in shares of Tilray Brands in the third quarter valued at approximately $1,748,000. Hedge funds and other institutional investors own 9.35% of the company's stock.

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.

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