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

Key Points

• Tilray Brands, Inc. shares experienced a significant drop, gapping down from $1.73 to $1.67, and last traded at $1.66 with a trading volume of over 14 million shares.
• Wall Street analysts have mixed ratings for Tilray, with the consensus rating being "Hold" and an average price target of $1.94, showing cautious optimism following some upgrades.
• CEO Irwin D. Simon increased his stake in the company by purchasing 165,000 shares at an average price of $0.61, signaling confidence in Tilray's future despite the stock's recent performance.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $1.73, but opened at $1.67. Tilray Brands shares last traded at $1.66, with a volume of 14,493,438 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TLRY. Zelman & Associates reissued a "neutral" rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Wall Street Zen lowered shares of Tilray Brands to a "strong sell" rating in a research note on Saturday, July 5th. Finally, Jefferies Financial Group boosted their price target 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. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $1.94.

Tilray Brands Stock Down 2.6%

The company has a market cap of $1.85 billion, a PE ratio of -0.73 and a beta of 2.01. The company has a quick ratio of 1.49, a current ratio of 2.46 and a debt-to-equity ratio of 0.20. The firm's fifty day simple moving average is $1.07 and its 200-day simple moving average is $0.70.

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

Insiders Place Their Bets

In related news, CEO Irwin D. Simon purchased 165,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $0.61 per share, with a total value of $100,650.00. Following the completion of the purchase, the chief executive officer directly owned 3,941,633 shares in the company, valued at approximately $2,404,396.13. This trade represents a 4.37% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tilray Brands

A number of large investors have recently bought and sold shares of the stock. Millennium Management LLC acquired a new stake in shares of Tilray Brands in the fourth quarter worth $879,000. Deutsche Bank AG boosted its stake in Tilray Brands by 62.1% during the 4th quarter. Deutsche Bank AG now owns 75,840 shares of the company's stock valued at $101,000 after acquiring an additional 29,054 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Tilray Brands by 17.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,964,380 shares of the company's stock valued at $2,613,000 after acquiring an additional 286,481 shares during the last quarter. California State Teachers Retirement System boosted its stake in Tilray Brands by 8.0% during the 4th quarter. California State Teachers Retirement System now owns 778,513 shares of the company's stock valued at $1,035,000 after acquiring an additional 57,544 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Tilray Brands by 81.7% in the 4th quarter. Two Sigma Advisers LP now owns 164,800 shares of the company's stock worth $219,000 after buying an additional 74,100 shares during the last quarter. 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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