Tilray Brands (NASDAQ:TLRY) Stock Price Down 1.9% - Here's What Happened

Key Points

• Tilray Brands (NASDAQ:TLRY) shares fell by 1.9% to $0.62 during mid-day trading, with a significant decline in trading volume, down 75% from the average.
• Analysts have issued varied ratings, with Wall Street Zen downgrading Tilray to a "strong sell" and Piper Sandler lowering its target price from $2.00 to $1.00.
• CEO Irwin D. Simon recently purchased 165,000 shares at an average price of $0.61, increasing his ownership to nearly 3.94 million shares.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) traded down 1.9% during mid-day trading on Wednesday . The stock traded as low as $0.62 and last traded at $0.62. 8,693,366 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 35,420,262 shares. The stock had previously closed at $0.64.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wall Street Zen downgraded Tilray Brands to a "strong sell" rating in a report on Saturday, July 5th. Zelman & Associates reaffirmed a "neutral" rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Roth Capital reissued a "neutral" rating on shares of Tilray Brands in a research report on Monday, April 14th. Finally, Piper Sandler decreased their target price on 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 research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $1.92.

Tilray Brands Trading Down 2.8%

The stock has a market capitalization of $622.02 million, a price-to-earnings ratio of -0.27 and a beta of 1.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.49 and a current ratio of 2.46. The business has a 50-day moving average of $0.51 and a 200-day moving average of $0.62.

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

Insiders Place Their Bets

In related news, CEO Irwin D. Simon acquired 165,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was bought at an average cost of $0.61 per share, with a total value of $100,650.00. Following the transaction, the chief executive officer owned 3,941,633 shares of the company's stock, valued at $2,404,396.13. The trade was a 4.37% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.60% of the company's stock.

Institutional Trading of Tilray Brands

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in Tilray Brands by 54.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,172,935 shares of the company's stock worth $2,890,000 after acquiring an additional 769,569 shares during the period. JPMorgan Chase & Co. lifted its position in Tilray Brands by 112.7% during the 4th quarter. JPMorgan Chase & Co. now owns 919,082 shares of the company's stock worth $1,222,000 after acquiring an additional 487,051 shares during the period. Millennium Management LLC acquired a new stake in Tilray Brands during the 4th quarter worth approximately $879,000. Raymond James Financial Inc. acquired a new stake in Tilray Brands during the 4th quarter worth approximately $255,000. Finally, Tidal Investments LLC lifted its position in Tilray Brands by 9.2% during the 4th quarter. Tidal Investments LLC now owns 10,595,264 shares of the company's stock worth $14,092,000 after acquiring an additional 889,086 shares during the period. 9.35% of the stock is 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.

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