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

Key Points

• Tilray Brands' stock price gapped down from $0.70 to $0.60 prior to trading, indicating a challenging market response.
• Analysts have set a consensus rating of "Hold" on Tilray Brands, with a current average target price of $1.92, following recent downgrades including a "strong sell" from Wall Street Zen.
• Institutional investors have recently increased their stakes in Tilray Brands, with notable increases from firms like Dimensional Fund Advisors and JPMorgan Chase.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $0.70, but opened at $0.60. Tilray Brands shares last traded at $0.62, with a volume of 18,733,634 shares trading hands.

Analysts Set New Price Targets

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

Tilray Brands Trading Down 13.5%

The company has a current ratio of 2.62, a quick ratio of 1.61 and a debt-to-equity ratio of 0.12. The company has a market cap of $608.93 million, a PE ratio of -0.57 and a beta of 1.82. The business's 50-day simple moving average is $0.49 and its 200-day simple moving average is $0.64.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its earnings results on Monday, July 28th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.03) by $0.05. Tilray Brands had a negative net margin of 113.85% and a negative return on equity of 7.40%. The company had revenue of $224.54 million during the quarter, compared to the consensus estimate of $250.41 million. As a group, analysts expect that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of 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 in the last quarter. Millennium Management LLC bought a new position in shares of Tilray Brands during the 4th quarter valued at $879,000. Raymond James Financial Inc. bought a new position in shares of Tilray Brands during the 4th quarter valued at $255,000. Finally, Tidal Investments LLC raised its holdings in shares of 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 in the last quarter. 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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