Pro Football Talk's Josh Alper reported the same move and noted there was no corresponding signing announced with it. The timing lines up with rookie wideout Ja'Kobi Lane becoming eligible to return from injured reserve. Lane hurt his wrist in Week 1 and became eligible after Sunday's game. Head coach Jesse Minter said Lane could play against the Cleveland Browns in Week 6.
Moore had three catches for 63 yards and a touchdown in four appearances this season, per PFT. He opened the year on Baltimore's practice squad before the club signed him to the active roster in mid-September when Lane went on IR. As a vested veteran he is a free agent now, and PFT noted he could land back on the practice squad if the Ravens still want him around as insurance.
Baltimore's active receiver group still includes Zay Flowers, Rashod Bateman, and Devontez Walker, among others. Adding Lane back would give the offense another young target who earned a real look in camp, which is the roster reason this cut makes sense even without a one-for-one swap posted yet.
What is confirmed: Moore is off the 53, Guillory is off the practice squad, and the club said so itself. What is still open: whether Moore re-signs to the practice squad, and whether Lane is activated for the Browns game.
For RSO owners, Moore was depth only and can be cut in almost every format. The more useful watch is Lane's status. If he is activated, Baltimore's WR room tightens around Flowers, Bateman, and the young depth, which can nudge target share in short formats. Check Thursday's practice reports and the official activation list before lock.