Tilray Brands (NASDAQ:TLRY) Stock Price Down 8.4% - Should You Sell?

Key Points

• Tilray Brands shares were down 8.4%, trading as low as $7.03 and last at $7.06 on Wednesday, with volume jumping about 71% to 8.58 million shares versus a 5.01M average.
• Analyst views are mixed: the consensus rating is 'Hold' with an average price target of $20 (two Buys, three Holds, two Sells), and Jefferies recently raised its target to $20 with a Buy rating.
• Hedge funds and institutional investors have been increasing exposure (notably Tidal Investments and Millennium Management), while Tilray has a market cap around $793M and a negative P/E (-3.11), reflecting ongoing unprofitability.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) shares traded down 8.4% during trading on Wednesday . The stock traded as low as $7.03 and last traded at $7.06. 8,579,906 shares changed hands during trading, an increase of 71% from the average session volume of 5,012,430 shares. The stock had previously closed at $7.71.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TLRY shares. Jefferies Financial Group raised their price target on shares of Tilray Brands from $15.00 to $20.00 and gave the company a "buy" rating in a report on Monday, August 25th. Wall Street Zen raised shares of Tilray Brands from a "strong sell" rating to a "hold" rating in a research report on Saturday, October 11th. Atb Cap Markets lowered Tilray Brands from a "hold" rating to a "strong sell" rating in a report on Thursday, October 9th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Tilray Brands in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Tilray Brands has a consensus rating of "Hold" and an average price target of $20.00.

Tilray Brands Stock Down 8.4%

The firm has a market capitalization of $792.74 million, a price-to-earnings ratio of -3.11 and a beta of 1.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.56 and a current ratio of 2.62. The business's 50 day moving average is $13.36 and its 200-day moving average is $9.55.

Hedge Funds Weigh In On Tilray Brands

Several large investors have recently made changes to their positions in TLRY. Tidal Investments LLC lifted its position in shares of Tilray Brands by 15.0% in the 2nd quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock worth $12,006,000 after acquiring an additional 3,776,410 shares during the period. Millennium Management LLC grew its holdings 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 worth $8,550,000 after purchasing an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Tilray Brands during the third quarter worth about $5,813,000. Ausdal Financial Partners Inc. bought a new stake in Tilray Brands during the 2nd quarter worth approximately $939,000. Finally, Scientech Research LLC bought a new stake in shares of Tilray Brands during the third quarter worth $1,748,000. Institutional investors and hedge funds own 9.35% of the company's stock.

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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