Why Cannabis Giant Tilray (TLRY) Has Soared Today

Actions of Tilray TLRY closed sharply higher in Wednesday’s trading session, gaining 25.8% after posting mixed results in the fourth quarter.

Today’s results are the first since Tilray’s merger with Aphria in May. GAAP earnings hit $ 0.18 per share, but revenue of $ 142.2 million was slightly below Street’s expectations. Free cash flow was $ 3.3 million compared to cash consumption of $ 28.3 million in the prior year quarter.

Other marijuana stocks like Canopy Growth CGC, Cronos Group CRON, Aurora Cannabis ACB and Hexo HEXO also rallied today.

Wednesday’s rise comes after a week of decline last week for marijuana stocks. A barrage of negative headlines spooked investors as two competing legalization bills made their way through the United States House and Senate.

Want the latest recommendations from Zacks Investment Research? Today you can download 7 best stocks for the next 30 days. Click to get this free report

Cronos Group Inc. (CRON): Free Stock Analysis Report

Canopy Growth Corporation (CGC): Free Stock Analysis Report

Tilray, Inc. (TLRY): Free Stock Analysis Report

Aurora Cannabis Inc. (ACB): Free Stock Analysis Report

HEXO Corp. (HEXO): Free Stock Analysis Report

To read this article on Zacks.com, click here.

Zacks investment research

Source link