Tilray Brands (NASDAQ:TLRY) Stock Price Down 4.1% - Here's Why

Key Points

• Tilray Brands stock fell 4.1% on Thursday, trading as low as $3.93 and closing near $3.99, with volume slightly below its average session level.
• Recent analyst action has been mixed, but TD Cowen cut its price target on Tilray from $7 to $5, while the overall analyst consensus remains Hold with an average price target of $11.
• The company’s shares are trading below both their 50-day and 200-day moving averages, and Tilray remains a relatively small-cap, high-beta stock with institutional investors holding only a modest portion of shares.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price traded down 4.1% on Thursday . The stock traded as low as $3.93 and last traded at $3.99. 3,981,198 shares were traded during trading, a decline of 5% from the average session volume of 4,198,419 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. TD Cowen dropped their price target on shares of Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a research note on Tuesday, July 14th. ATB Cormark Capital Markets reduced their price objective on shares of Tilray Brands from $9.50 to $9.00 and set a "sector perform" rating for the company in a research note on Thursday, April 2nd. Weiss Ratings downgraded Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, May 13th. Finally, Roth Capital raised shares of Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 price target for the company in a report on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $11.00.

Tilray Brands Stock Down 4.1%

The business has a 50-day simple moving average of $4.85 and a two-hundred day simple moving average of $6.49. The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $465.03 million, a P/E ratio of -0.29 and a beta of 1.89.

Institutional Investors Weigh In On Tilray Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of TLRY. Tidal Investments LLC increased its position in Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock valued at $12,006,000 after acquiring an additional 3,776,410 shares in the last quarter. Millennium Management LLC raised its position in shares of Tilray Brands by 281.0% in the 3rd quarter. Millennium Management LLC now owns 4,942,319 shares of the company's stock valued at $8,550,000 after acquiring an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Tilray Brands during the third quarter worth $5,813,000. Ausdal Financial Partners Inc. bought a new position in Tilray Brands during the second quarter worth about $939,000. Finally, Swiss National Bank lifted its holdings in shares of Tilray Brands by 4.4% during the 3rd quarter. Swiss National Bank now owns 2,013,038 shares of the company's stock valued at $3,483,000 after purchasing an additional 84,900 shares in the last quarter. 9.35% of the stock is owned by institutional investors and hedge funds.

Tilray Brands Company Profile

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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