Tilray Brands (NASDAQ:TLRY) Stock Price Down 3% - Here's What Happened

Key Points

• Shares fell about 3% on Tuesday to roughly $6.46, with trading volume of ~2.23 million shares, down 39% from the average session volume.
• Tilray missed quarterly EPS, reporting ($0.24) versus ($0.14) expected, and continues to show negative margins and ROE despite revenue of $206.7M beating estimates; analysts project about -0.2 EPS for the fiscal year.
• Analyst coverage is mixed with a consensus "Hold" and a $11.20 target (3 Buys, 5 Holds, 1 Sell), while several firms have recently adjusted price targets and ratings.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price fell 3% on Tuesday . The stock traded as low as $6.38 and last traded at $6.46. 2,234,500 shares changed hands during trading, a decline of 39% from the average session volume of 3,677,035 shares. The stock had previously closed at $6.66.

Analyst Ratings Changes

Several research firms have weighed in on TLRY. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tilray Brands in a research note on Wednesday, January 21st. Canaccord Genuity Group started coverage on Tilray Brands in a research note on Tuesday, January 27th. They set a "hold" rating on the stock. TD Cowen cut their price objective on shares of Tilray Brands from $10.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, March 30th. ATB Cormark Capital Markets cut their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 2nd. Finally, Wall Street Zen upgraded shares of Tilray Brands from a "sell" rating to a "hold" rating in a research note on Saturday, March 21st. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.20.

Tilray Brands Stock Performance

The company has a market cap of $752.65 million, a PE ratio of -0.47 and a beta of 2.00. The firm's fifty day moving average is $7.22 and its 200 day moving average is $10.12. The company has a current ratio of 2.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.19.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings data on Wednesday, April 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.10). Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%. The company had revenue of $206.73 million for the quarter, compared to analysts' expectations of $201.35 million. During the same period in the previous year, the business earned ($0.87) earnings per share. As a group, research analysts predict 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 bought and sold shares of the stock. Silverlake Wealth Management LLC purchased a new position in Tilray Brands in the 3rd quarter valued at about $25,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Tilray Brands during the third quarter worth approximately $25,000. Unified Investment Management purchased a new stake in shares of Tilray Brands during the third quarter worth approximately $26,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Tilray Brands during the third quarter worth approximately $30,000. Finally, HighPoint Advisor Group LLC purchased a new stake in shares of Tilray Brands during the third quarter worth approximately $33,000. 9.35% of the stock is owned by hedge funds and other institutional investors.

About Tilray Brands

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray's product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.

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