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Trading in Tilray, Inc. (TLRY) shares was halted on five occasions due to market volatility on Wednesday afternoon. The shares of Canadian producer and researcher of medical marijuana climbed nearly 93% to their highest level in trading today before erasing those gains to negotiate briefly in negative territory and then come back to end the day in the green.
Since its debut on Wall Street in July, Tilray's shares have experienced strong momentum, fueled recently by the announcement that the Drug Enforcement Administration (DEA) has authorized the company to import marijuana into the United States for the purpose of research. (See also: Tilray Shares Soar Defying Short-Sellers)
Wild Trade Day of Tilray
On Wednesday, Tilray's stock rose sharply to open at $ 233.58 per share, up from $ 154.98 on Tuesday. The stock hit an intra-day peak at $ 300 a share at the end of the day, before collapsing sharply and making a quick fall that quickly triggered the first of what would become five stops Wednesday afternoon . TLRY briefly plunged into negative territory for the day, with Tuesday's low of $ 151.40, while trade was interrupted several times and then resumed.
Here is a graph in minutes of the TLRY price action throughout the day on Wednesday:
Source: TradingView
With the close of the close on Wednesday, TLRY filled in his previous losses and regained some of his composure, closing the day at $ 214.06, well in highly positive territory for the day.
What this means
The frantic volatility brought on by the news in Tilray's stock is probably far from over. After trading hours, the price further lowered the price to below $ 200. If the past is an indication, Thursday should see continued strong volatility on the Tilray roller coaster.
Short sellers who have suffered from the parabolic rise of the company's shares have seen a little respite today. According to data from S3 Partners, Tilray shorts returned $ 300 million after 2:30 pm as the stock fell, but ended up with a mark-to-market loss of $ 208 million for the day.
$ TLRY $ 208 million mark-to-market loss today, with price change of + 38%, but at some point #Tilray was $ 300 / share and the shorts dropped by $ 505 million – in fact, they made $ 300 million after 2:30 pm. BTW, the stock market is exploited – no new shorts. https://t.co/nz0sVVjfrg
– Ihor Dusaniwsky (@ ihors3) September 19, 2018
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