Tilray Brands (NASDAQ:TLRY) Shares Down 5.6% - Here's What Happened

Key Points

• Tilray Brands' shares fell 5.6% during Thursday's trading, closing at $1.19, following a prior close of $1.26, with a trading volume increase of 33% compared to average daily volume.
• Analysts have mixed ratings on Tilray, with Jefferies Financial Group raising its target price to $2.00 while others have rated it a "strong sell" or "neutral," resulting in an average target price of $1.94.
• Tilray reported a revenue of $224.54 million in its last quarterly earnings, falling short of analysts' estimates of $250.41 million, and indicated that the company is expected to post a negative EPS of -0.2 for the current year.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) were down 5.6% during trading on Thursday . The company traded as low as $1.17 and last traded at $1.19. Approximately 56,890,222 shares traded hands during trading, an increase of 33% from the average daily volume of 42,832,098 shares. The stock had previously closed at $1.26.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TLRY shares. Jefferies Financial Group upped their target price on shares of Tilray Brands from $1.50 to $2.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. Wall Street Zen cut shares of Tilray Brands to a "strong sell" rating in a report on Saturday, July 5th. Finally, Zelman & Associates restated a "neutral" rating on shares of Tilray Brands in a report on Tuesday, July 29th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $1.94.

Tilray Brands Price Performance

The stock has a market capitalization of $1.31 billion, a PE ratio of -0.52 and a beta of 2.03. The company's fifty day simple moving average is $1.01 and its two-hundred day simple moving average is $0.68. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.49 and a current ratio of 2.46.

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

Insider Activity

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

Hedge Funds Weigh In On Tilray Brands

Institutional investors have recently modified their holdings of the company. Marex Group plc acquired a new stake in Tilray Brands in the second quarter worth about $40,000. State of Wyoming lifted its stake in Tilray Brands by 38.7% during the second quarter. State of Wyoming now owns 334,576 shares of the company's stock valued at $139,000 after buying an additional 93,411 shares in the last quarter. Corient Private Wealth LLC lifted its stake in Tilray Brands by 100.2% during the second quarter. Corient Private Wealth LLC now owns 388,366 shares of the company's stock valued at $161,000 after buying an additional 194,369 shares in the last quarter. Tidal Investments LLC lifted its stake in 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 buying an additional 3,776,410 shares in the last quarter. Finally, Hilton Capital Management LLC acquired a new position in shares of Tilray Brands in the 2nd quarter valued at about $41,000. 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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