Tilray Brands (NASDAQ:TLRY) Trading Down 6.1% - Here's What Happened

Key Points

• Tilray Brands' stock price dropped by 6.1% to $1.38, with trading volume significantly increasing to approximately 72.9 million shares.
• Recent analyst ratings show a mix, with two analysts rating it as a Buy while others issued ratings ranging from Hold to Strong Sell, leaving the stock with an average rating of "Hold."
• Despite reporting quarterly earnings exceeding expectations, the company has a negative return on equity of 6.79% and is projected to post a negative EPS for the current year.

Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report)'s share price was down 6.1% during mid-day trading on Tuesday . The stock traded as low as $1.37 and last traded at $1.38. Approximately 72,945,780 shares were traded during mid-day trading, an increase of 45% from the average daily volume of 50,213,000 shares. The stock had previously closed at $1.47.

Analyst Ratings Changes

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

Tilray Brands Stock Performance

The company has a 50-day simple moving average of $1.40 and a two-hundred day simple moving average of $0.84. 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 firm has a market capitalization of $1.55 billion, a P/E ratio of -0.61 and a beta of 1.98.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last posted its quarterly earnings data on Thursday, October 9th. The company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.03. The business had revenue of $209.50 million for the quarter, compared to analysts' expectations of $205.75 million. Tilray Brands had a negative return on equity of 6.79% and a negative net margin of 258.54%. As a group, equities analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Irwin D. Simon acquired 165,000 shares of the stock in a transaction on Wednesday, July 30th. The stock was acquired at an average price of $0.61 per share, with a total value of $100,650.00. Following the completion of the transaction, the chief executive officer owned 3,941,633 shares of the company's stock, valued at $2,404,396.13. This represents a 4.37% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Tilray Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in TLRY. Tidal Investments LLC lifted its position in Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock valued at $12,006,000 after buying an additional 3,776,410 shares during the period. Ausdal Financial Partners Inc. purchased a new position in shares of Tilray Brands in the 2nd quarter worth about $939,000. AQR Capital Management LLC raised its position in shares of Tilray Brands by 1,839.7% in the 1st quarter. AQR Capital Management LLC now owns 607,054 shares of the company's stock worth $399,000 after purchasing an additional 575,757 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Tilray Brands by 526.7% in the 3rd quarter. SG Americas Securities LLC now owns 421,105 shares of the company's stock worth $729,000 after purchasing an additional 353,911 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Tilray Brands in the 2nd quarter worth about $112,000. Hedge funds and other institutional investors own 9.35% of the company's stock.

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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