Tilray Brands (NASDAQ:TLRY) Shares Down 4.2% - Here's Why

Key Points

• Shares fell 4.2% mid-day to $10.085 (intraday low $9.97) on about 4.51M shares traded, roughly 27% below the stock's average daily volume.
• The stock carries a consensus "Hold" rating (2 Buys, 4 Holds, 1 Sell) with a consensus target price of $20, and several recent analyst moves upgraded the stock from "strong sell" to "hold" while one firm reaffirmed a sell.
• Tilray has a market cap of $1.13B, a negative P/E (-0.44), low debt-to-equity (0.15), and modest institutional ownership (~9.35%).

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares dropped 4.2% during mid-day trading on Wednesday . The company traded as low as $9.97 and last traded at $10.0850. Approximately 4,514,311 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 6,197,121 shares. The stock had previously closed at $10.53.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TLRY shares. Wall Street Zen upgraded Tilray Brands from a "strong sell" rating to a "hold" rating in a report on Saturday, October 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Atb Cap Markets upgraded shares of Tilray Brands from a "strong sell" rating to a "hold" rating in a research note on Wednesday, December 10th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.00.

Tilray Brands Price Performance

The company has a market cap of $1.13 billion, a P/E ratio of -0.44 and a beta of 1.76. The stock has a 50-day simple moving average of $11.48 and a 200 day simple moving average of $10.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62.

Institutional Investors Weigh In On Tilray Brands

Institutional investors have recently bought and sold shares of the business. Silverlake Wealth Management LLC acquired a new position in shares of Tilray Brands in the 3rd quarter valued at $25,000. Oppenheimer & Co. Inc. bought a new stake in Tilray Brands in the third quarter valued at about $25,000. Unified Investment Management acquired a new position in Tilray Brands in the third quarter worth about $26,000. J.W. Cole Advisors Inc. raised its position in Tilray Brands by 203.2% in the second quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company's stock worth $30,000 after purchasing an additional 48,177 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Tilray Brands during the third quarter worth about $30,000. Institutional investors and hedge funds 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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