Blowout Tilray Quarterly Results Spark Another Big Move in Weed Stocks

Weed stocks are again making huge moves

by Josh Selway

Published on Aug 29, 2018 at 10:22 AM

Marijuana stock Tilray Inc (NASDAQ:TLRY) is soaring today following the security's first earnings release as a publicly traded company. Tilray said that second-quarter sales almost doubled from a year earlier, along with the total kilograms of cannabis sold, as it continues to expand its international presence. In response, Northland Capital and Cowen increased their respective price targets to $60 and $62, helping TLRY rise 13.9% to $58.67 in early trading, already tapping an all-time high of $62.75.

This is just more of the same from Tilray, which -- along with sector peers Canopy Growth (CGC) and Cronos Group (CRON) -- has been one of the biggest Wall Street winners since its July IPO. The shares opened for trading near $23 back on July 19, and in August alone have added more than 160%.

It's not surprising then that today's upbeat analyst attention echoes this positive sentiment, with all three covering brokerage firms handing out "strong buy" recommendations. But this small number of analysts in coverage suggests there's room for bullish initiations to help keep the Tilray stock rally alive.

Jumping back to the broader weed sector, CRON is also making headlines, thanks to news the company has agreed to a joint venture with Agroidea SAS to to make cannabis-based products. Cronos Group is up 9.5% at $12.14, while CGC shares are following their rivals higher, gaining 2.1% so far to trade at $44.09.

 


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