Tilray Brands (NASDAQ:TLRY) Trading Down 7.2% - Here's What Happened

Key Points

• Tilray Brands, Inc. shares fell by 7.2% during mid-day trading, closing at $1.10 after hitting a low of $1.06, with a total of approximately 40 million shares traded.
• Stock analysts currently hold a consensus rating of "Hold" for Tilray, with a price target of $1.92, though recent reports have shown varied ratings ranging from "strong sell" to "buy".
• CEO Irwin D. Simon purchased 165,000 shares at an average cost of $0.61, increasing his ownership significantly, and reflecting confidence in the company's future despite a challenging financial performance.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY - Get Free Report) were down 7.2% during mid-day trading on Friday . The stock traded as low as $1.06 and last traded at $1.10. Approximately 40,133,279 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 40,223,180 shares. The stock had previously closed at $1.18.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TLRY shares. Zelman & Associates reaffirmed a "neutral" rating on shares of Tilray Brands in a research report on Tuesday, July 29th. Wall Street Zen cut Tilray Brands to a "strong sell" rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Tilray Brands currently has a consensus rating of "Hold" and a consensus price target of $1.92.

Tilray Brands Stock Performance

The company has a current ratio of 2.46, a quick ratio of 1.49 and a debt-to-equity ratio of 0.20. The firm's 50-day moving average is $0.58 and its two-hundred day moving average is $0.61. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -0.46 and a beta of 1.85.

Tilray Brands (NASDAQ:TLRY - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.05. The company had revenue of $224.54 million during the quarter, compared to analysts' expectations of $250.41 million. Tilray Brands had a negative net margin of 265.69% and a negative return on equity of 6.83%. As a group, sell-side analysts expect that Tilray Brands, Inc. will post -0.2 earnings per share for the current year.

Insider Activity

In related news, CEO Irwin D. Simon acquired 165,000 shares of Tilray Brands stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $0.61 per share, for a total transaction of $100,650.00. Following the purchase, the chief executive officer directly owned 3,941,633 shares of the company's stock, valued at $2,404,396.13. The trade was a 4.37% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Tilray Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TLRY. Lido Advisors LLC bought a new position in Tilray Brands during the fourth quarter valued at approximately $28,000. J.W. Cole Advisors Inc. grew its stake in shares of Tilray Brands by 203.2% in the second 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 last quarter. Cerity Partners LLC acquired a new stake in shares of Tilray Brands in the first quarter worth $31,000. Capital Management Associates Inc grew its stake in shares of Tilray Brands by 100.0% in the first quarter. Capital Management Associates Inc now owns 50,760 shares of the company's stock worth $33,000 after acquiring an additional 25,380 shares during the last quarter. Finally, Fifth Lane Capital LP grew its stake in shares of Tilray Brands by 400.0% in the first quarter. Fifth Lane Capital LP now owns 50,000 shares of the company's stock worth $33,000 after acquiring an additional 40,000 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.