Tilray Brands (NASDAQ:TLRY) Shares Down 4.1% - Here's What Happened

Key Points

• Tilray Brands shares fell 4.1% to $4.48 in Monday trading, with volume below its average; the stock is also trading below its 200-day moving average of $5.91.
• Analyst opinions remain mixed, but the consensus rating is “Moderate Buy” with an average price target of $11.00. TD Cowen cut its target to $5.00 while retaining a buy rating, whereas other firms issued sell or strong-buy ratings.
• Tilray’s latest quarterly results showed a significant EPS miss, reporting a loss of $0.43 per share versus expectations of a $0.01 loss, despite revenue of $281.71 million exceeding estimates.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price was down 4.1% on Monday . The company traded as low as $4.47 and last traded at $4.48. Approximately 3,116,181 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 4,307,043 shares. The stock had previously closed at $4.67.

Analyst Upgrades and Downgrades

TLRY has been the topic of a number of analyst reports. TD Cowen dropped their target price on Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. Weiss Ratings reissued a "sell (e+)" rating on shares of Tilray Brands in a report on Friday, August 7th. TD Securities upgraded Tilray Brands to a "strong-buy" rating in a research note on Friday, July 31st. Finally, Wall Street Zen downgraded Tilray Brands from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Tilray Brands currently has a consensus rating of "Moderate Buy" and an average target price of $11.00.

Tilray Brands Stock Performance

The company has a current ratio of 2.21, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $610.18 million, a price-to-earnings ratio of -4.15 and a beta of 1.90. The company has a 50-day moving average of $4.52 and a 200-day moving average of $5.91.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.42). The business had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative return on equity of 7.76% and a negative net margin of 13.11%. On average, equities research analysts forecast that Tilray Brands, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity at Tilray Brands

In other Tilray Brands news, CFO Carl A. Merton acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average price of $4.62 per share, with a total value of $46,200.00. Following the transaction, the chief financial officer directly owned 139,753 shares in the company, valued at approximately $645,658.86. This represents a 7.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have bought 15,000 shares of company stock valued at $69,225. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Tilray Brands

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

About Tilray Brands

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray's product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.

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