Tilray Brands (NASDAQ:TLRY) Stock Price Down 6.6% - Time to Sell?

Key Points

• Tilray Brands stock fell 6.6% on Wednesday to $0.9620 (intraday low $0.9265) on volume of ~58.1M shares, about 16% above average trading volume.
• Analysts are mixed: the consensus rating is "Hold" with an average target of $2.00 (2 Buys, 3 Holds, 2 Sells), and Jefferies recently maintained a Buy with a $2 target.
• The company has a market cap of $1.08B, a 50‑day/200‑day simple moving average of $1.39/$0.92, and roughly 9.35% of shares owned by hedge funds.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price dropped 6.6% on Wednesday . The company traded as low as $0.9265 and last traded at $0.9620. Approximately 58,125,413 shares traded hands during trading, an increase of 16% from the average daily volume of 49,923,910 shares. The stock had previously closed at $1.03.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TLRY shares. Zelman & Associates restated a "neutral" rating on shares of Tilray Brands in a report on Tuesday, July 29th. Atb Cap Markets cut Tilray Brands from a "hold" rating to a "strong sell" rating in a report on Thursday, October 9th. Wall Street Zen upgraded Tilray Brands from a "strong sell" rating to a "hold" rating in a research note on Saturday, October 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group raised their target price on Tilray Brands from $1.50 to $2.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Tilray Brands currently has a consensus rating of "Hold" and an average target price of $2.00.

Tilray Brands Stock Down 6.6%

The company's 50-day simple moving average is $1.39 and its two-hundred day simple moving average is $0.92. The firm has a market capitalization of $1.08 billion, a P/E ratio of -0.42 and a beta of 2.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.62 and a quick ratio of 1.56.

Hedge Funds Weigh In On Tilray Brands

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Silverlake Wealth Management LLC purchased a new stake in Tilray Brands in the third quarter worth about $25,000. Oppenheimer & Co. Inc. bought a new position in shares of Tilray Brands during the 3rd quarter valued at approximately $25,000. Unified Investment Management purchased a new stake in Tilray Brands in the 3rd quarter worth approximately $26,000. J.W. Cole Advisors Inc. raised its stake in Tilray Brands by 203.2% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company's stock worth $30,000 after acquiring an additional 48,177 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in Tilray Brands during the third quarter valued at approximately $30,000. 9.35% of the stock is currently owned by hedge funds and other institutional investors.

Tilray Brands Company Profile

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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