Tilray Brands (NASDAQ:TLRY) Trading Down 2.6% - Here's What Happened

Key Points

• Tilray Brands shares fell 2.6% on Tuesday, trading as low as $4.45 amid lighter-than-average volume, with the stock last changing hands at $4.49.
• The company announced the acquisition of HelloMD, a move aimed at expanding direct-to-patient access in Canada and strengthening its global medical cannabis platform. Tilray also highlighted gains in its beverage business, including awards for Breckenridge Distillery and promotional efforts across its U.S. beer brands.
• Despite those developments, Tilray continues to face weak profitability and prior earnings misses. In its latest quarterly report, it posted a larger-than-expected loss per share, while analysts currently rate the stock a consensus Hold with an average price target of $11.50.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s stock price was down 2.6% during mid-day trading on Tuesday . The company traded as low as $4.45 and last traded at $4.49. Approximately 3,721,846 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 4,268,778 shares. The stock had previously closed at $4.61.

Trending Headlines about Tilray Brands

Here are the key news stories impacting Tilray Brands this week:

• Positive Sentiment: Tilray said it acquired HelloMD, a digital healthcare and patient-engagement platform, which should expand direct-to-patient access in Canada and strengthen its global medical cannabis platform. Article Title
• Positive Sentiment: Breckenridge Distillery, a Tilray subsidiary, earned Double Gold for its Rum Cask Finish and was named Colorado Distillery of the Year for the sixth straight year, adding another credibility boost to Tilray’s beverage portfolio. Article Title
• Positive Sentiment: Tilray Beer promoted Fourth of July and America’s 250th celebration events across its U.S. craft brands, supporting brand awareness and near-term traffic at taprooms. Article Title
• Neutral Sentiment: Several market commentaries highlighted cannabis stocks and the possibility of a Schedule III / 280E tax change, but these are industry-wide themes rather than company-specific catalysts. Article Title
• Negative Sentiment: Despite the recent announcements, Tilray remains weighed down by weak profitability and prior earnings disappointment, with the stock still well below its longer-term averages.

Analysts Set New Price Targets

TLRY has been the subject of several recent research reports. Weiss Ratings cut Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, May 13th. Roth Mkm raised Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 price target on the stock in a research report on Thursday, April 2nd. ATB Cormark Capital Markets dropped their price objective on 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. Wall Street Zen raised Tilray Brands from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. Finally, TD Cowen decreased their target price on shares of Tilray Brands from $10.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, March 30th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.50.

Tilray Brands Trading Down 2.6%

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.66. The business has a 50-day simple moving average of $5.50 and a two-hundred day simple moving average of $7.22. The stock has a market cap of $523.31 million, a price-to-earnings ratio of -0.33 and a beta of 1.88.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last released its quarterly earnings data on Wednesday, April 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $206.73 million during the quarter, compared to analyst estimates of $201.35 million. During the same period in the previous year, the business earned ($0.87) earnings per share. Equities analysts forecast that Tilray Brands, Inc. will post -0.58 EPS for the current fiscal year.

Insider Transactions at Tilray Brands

In other Tilray Brands news, Director David G. Hopkinson sold 33,556 shares of the firm's stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $6.94, for a total transaction of $232,878.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tilray Brands

Large investors have recently modified their holdings of the stock. Essential Partners LLC raised its position in shares of Tilray Brands by 110,137.5% in the first quarter. Essential Partners LLC now owns 8,819 shares of the company's stock valued at $57,000 after purchasing an additional 8,811 shares during the period. Entropy Technologies LP bought a new stake in shares of Tilray Brands during the 1st quarter worth about $123,000. Baader Bank Aktiengesellschaft boosted its holdings in shares of Tilray Brands by 17.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 47,938 shares of the company's stock worth $293,000 after buying an additional 7,226 shares during the period. Dimensional Fund Advisors LP grew its stake in Tilray Brands by 82.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 87,803 shares of the company's stock valued at $568,000 after buying an additional 39,801 shares during the last quarter. Finally, Swiss National Bank grew its stake in Tilray Brands by 4.1% in the 1st quarter. Swiss National Bank now owns 230,503 shares of the company's stock valued at $1,491,000 after buying an additional 9,100 shares during the last quarter. 9.35% of the stock is owned by 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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