Tilray Brands (NASDAQ:TLRY) Trading Down 1.1% - Should You Sell?

Key Points

• Tilray Brands shares fell 1.1% on Friday, trading as low as $4.25 and ending at $4.30 on volume that was well below average.
• Analyst sentiment remains mixed, with recent target price cuts from ATB Cormark and TD Cowen offset by an upgrade from Roth Capital; the consensus rating is still Hold with an $11.00 average price target.
• Insider and institutional activity has been notable, including a director sale of 33,556 shares and continued buying by hedge funds such as Tidal Investments and Millennium Management.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price fell 1.1% on Friday . The company traded as low as $4.25 and last traded at $4.30. 2,393,608 shares traded hands during trading, a decline of 43% from the average daily volume of 4,220,113 shares. The stock had previously closed at $4.35.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. ATB Cormark Capital Markets reduced their target price 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. Roth Capital upgraded shares of Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 price target on the stock in a research note on Thursday, April 2nd. TD Cowen cut their price objective on shares of Tilray Brands from $7.00 to $5.00 and set a "buy" rating for the company in a report on Tuesday. Wall Street Zen upgraded shares of Tilray Brands from a "sell" rating to a "hold" rating in a research note on Saturday, March 21st. Finally, Weiss Ratings cut shares of Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $11.00.

Tilray Brands Trading Down 1.1%

The firm has a 50 day simple moving average of $4.95 and a 200 day simple moving average of $6.63. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.66 and a current ratio of 2.79. The firm has a market cap of $501.17 million, a P/E ratio of -0.32 and a beta of 1.89.

Insider Activity

In other news, Director David G. Hopkinson sold 33,556 shares of the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $6.94, for a total value of $232,878.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Tilray Brands

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

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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