Tilray, Inc. (TLRY) stock trading was suspended five times on Wednesday afternoon due to erratic activity. Shares of the Canadian medical marijuana grower and researcher gained over 93% at their peak in today’s trading before reversing those gains to trade momentarily in negative territory before returning to the green to conclude the day.
Tilray’s shares have witnessed remarkable upward momentum since their Wall Street debut in July, which was recently bolstered by the revelation that the Drug Enforcement Administration (DEA) has granted the business permission to import marijuana into the United States for research purposes. (See also:Tilray Stock Soars, Ignoring Short-Sellers)
Tilray’s Wild Trading Day
Tilray’s shares opened at $233.58 per share on Wednesday, up from $154.98 on Tuesday. The stock reached an intraday high of $300 per share late in the trading day before unexpectedly reversing and falling precipitously, prompting the first of five trading halts on Wednesday afternoon. TLRY temporarily entered negative territory for the day, with an intraday low of $101.40 set when trading was frequently suspended and then restarted.
Here is a 1-minute chart of the TLRY price activity on Wednesday:
As the day came to a close on Wednesday, TLRY reduced its early losses and recovered some of its calm, completing the day at $214.06, firmly inside the day’s very favorable area.
What It Means
Tilray’s stock is anticipated to see more frantic, news-driven volatility. After-hours trading in the shares brought the price down to much below $200 at one point. If history is any guide, the Tilray rollercoaster should remain volatile on Thursday.
Short sellers who have been harmed by the company’s parabolic surge in shares received some relief today. Tilray shorts earned $300 million when the stock plunged at 2:30 p.m., according to S3 Partners data, but finished up with mark-to-market losses of $208 million for the day.
$TLRY shorts down $208 million in mark-to-market losses today, on +38% price move, but at one point #Tilray was at $300/share and shorts were down $505 million – so in actuality they made $300 million after 2:30 pm. BTW, stock borrow market is tapped out – no new shorts in size. https://t.co/nz0sVVjfrg
— Ihor Dusaniwsky (@ihors3) September 19, 2018
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