Tilray Brands (NASDAQ:TLRY) Stock Price Down 3% – Here’s What Happened
by Danessa Lincoln · The Markets DailyTilray Brands, Inc. (NASDAQ:TLRY – Get Free Report) shares dropped 3% during trading on Tuesday . The stock traded as low as $6.38 and last traded at $6.46. Approximately 2,234,500 shares changed hands during trading, a decline of 39% from the average daily volume of 3,677,035 shares. The stock had previously closed at $6.66.
Analyst Ratings Changes
Several equities analysts have recently weighed in on TLRY shares. Zacks Research raised shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 11th. Canaccord Genuity Group began coverage on shares of Tilray Brands in a report on Tuesday, January 27th. They issued a “hold” rating on the stock. TD Cowen dropped their price target on shares of Tilray Brands from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Wall Street Zen raised shares of Tilray Brands from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, Roth Mkm raised shares of Tilray Brands from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.20.
Get Our Latest Research Report on TLRY
Tilray Brands Trading Down 3.0%
The company’s 50 day moving average price is $7.22 and its 200 day moving average price is $10.12. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 1.72. The firm has a market cap of $752.65 million, a PE ratio of -0.47 and a beta of 2.00.
Tilray Brands (NASDAQ:TLRY – Get Free Report) last announced its earnings results on Wednesday, April 1st. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.10). The business had revenue of $206.73 million for the quarter, compared to analysts’ expectations of $201.35 million. Tilray Brands had a negative return on equity of 3.31% and a negative net margin of 156.51%.During the same period in the previous year, the company earned ($0.87) earnings per share. As a group, analysts forecast that Tilray Brands, Inc. will post -0.2 EPS for the current fiscal year.
Institutional Trading of Tilray Brands
A number of large investors have recently modified their holdings of TLRY. Tidal Investments LLC increased its position in shares of Tilray Brands by 15.0% during the second 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 increased its position in shares of Tilray Brands by 281.0% during the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company’s stock worth $8,550,000 after acquiring an additional 3,645,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tilray Brands during the third quarter worth $5,813,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Tilray Brands during the second quarter worth $939,000. Finally, Scientech Research LLC purchased a new stake in shares of Tilray Brands during the third quarter worth $1,748,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.
Tilray Brands Company Profile
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.