Tilray Brands (NASDAQ:TLRY) Shares Down 10% - Here's What Happened

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) fell 10% during mid-day trading on Monday . The stock traded as low as $0.49 and last traded at $0.49. 18,891,248 shares changed hands during trading, a decline of 37% from the average session volume of 29,958,955 shares. The stock had previously closed at $0.54.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TLRY. Roth Capital reissued a "neutral" rating on shares of Tilray Brands in a report on Monday, April 14th. Piper Sandler cut their price objective on shares of Tilray Brands from $2.00 to $1.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Finally, Wall Street Zen lowered shares of Tilray Brands to a "strong sell" rating in a report on Saturday. One analyst has rated the stock with a sell rating, three have given 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 a consensus target price of $1.92.

Tilray Brands Trading Up 10.8%

The company has a market capitalization of $561.53 million, a price-to-earnings ratio of -0.53 and a beta of 1.82. The company has a quick ratio of 1.61, a current ratio of 2.62 and a debt-to-equity ratio of 0.12. The company's 50 day simple moving average is $0.43 and its two-hundred day simple moving average is $0.72.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last announced its earnings results on Tuesday, April 8th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $185.78 million during the quarter, compared to analyst estimates of $213.38 million. Tilray Brands had a negative net margin of 113.85% and a negative return on equity of 7.40%. As a group, research analysts anticipate that Tilray Brands, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tilray Brands

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Tilray Brands by 54.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock valued at $2,890,000 after acquiring an additional 769,569 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Tilray Brands by 112.7% during the fourth quarter. JPMorgan Chase & Co. now owns 919,082 shares of the company's stock worth $1,222,000 after buying an additional 487,051 shares during the period. Millennium Management LLC acquired a new stake in shares of Tilray Brands during the fourth quarter worth $879,000. Raymond James Financial Inc. acquired a new stake in shares of Tilray Brands during the fourth quarter worth $255,000. Finally, Tidal Investments LLC lifted its stake in shares of Tilray Brands by 9.2% during the fourth quarter. Tidal Investments LLC now owns 10,595,264 shares of the company's stock worth $14,092,000 after buying an additional 889,086 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

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.