Tilray Brands (NASDAQ:TLRY) Trading Down 5.2% Following Analyst Downgrade

Tilray Brands, Inc. (NASDAQ:TLRY) shares were down 5.2% on Monday after TD Cowen lowered their price target on the stock from $10.00 to $7.00. TD Cowen currently has a buy rating on the stock. Tilray Brands traded as low as $5.93 and last traded at $5.99. Approximately 2,744,698 shares traded hands during trading, a decline of 24% from the average daily volume of 3,628,404 shares. The stock had previously closed at $6.32.

Other equities analysts have also issued reports about the stock. Canaccord Genuity Group assumed coverage on shares of Tilray Brands in a research report on Tuesday, January 27th. They set a “hold” rating on the stock. Wall Street Zen upgraded Tilray Brands from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a research note on Wednesday, January 21st. Zacks Research upgraded Tilray Brands from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Roth Mkm decreased their target price on Tilray Brands from $20.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.75.

Institutional Investors Weigh In On Tilray Brands

Hedge funds have recently modified their holdings of the business. Silverlake Wealth Management LLC bought a new position in shares of Tilray Brands during the third quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new position in shares of Tilray Brands in the 3rd quarter worth $25,000. Unified Investment Management bought a new position in shares of Tilray Brands in the 3rd quarter worth $26,000. J.W. Cole Advisors Inc. lifted its stake in shares of Tilray Brands by 203.2% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 71,890 shares of the company’s stock worth $30,000 after purchasing an additional 48,177 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Tilray Brands in the third quarter valued at about $30,000. Hedge funds and other institutional investors own 9.35% of the company’s stock.

Tilray Brands Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.81 and a quick ratio of 1.72. The firm has a market capitalization of $697.89 million, a P/E ratio of -0.27 and a beta of 1.95. The stock’s fifty day simple moving average is $7.46 and its 200 day simple moving average is $10.31.

Tilray Brands (NASDAQ:TLRY) last posted its earnings results on Thursday, January 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.12. Tilray Brands had a negative net margin of 251.69% and a negative return on equity of 6.35%. The company had revenue of $217.51 million during the quarter, compared to analysts’ expectations of $211.15 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. On average, equities research analysts predict that Tilray Brands, Inc. will post -0.2 EPS for the current year.

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.