Some Tilray shorts may have made money during Wednesday's wild trading session, says analyst
Short-sellers in Tilray Inc (NASDAQ:TLRY) stock may have made some money during Wednesday’s wild trading session in the Canadian cannabis company, an analyst for S3 Partners said.
Tilray stock had gyrated sharply during that session, hitting a record high of US$300, tumbling into the red to US$151.40 about a half-hour before the end of trade, and then shooting up 40% into the close of business to eventually settle at US$214.06, up US$59.08 or by 38.1% for the day.
The stock is trading almost US$14.95 or 7% higher in Thursday’s premarket at US$229.01.
Ihor Dusaniwsky, the managing director of predictive analytics for S3 Partners, said in a tweet that short-sellers were down US$208mln in mark-to-market losses on Wednesday because TIlray stock closed 38% higher.
$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
“But at one point, Tilray was at US$300/share and shorts were down US$505mln, so in actuality they made US$300mln after 2:30 pm,” he said.
READ: Tilray trading halted twice after stock rallies to record at US$300 before profit-taking kicks in
Tilray stock has been surging after news it would be shipping a medical cannabis study drug to California.
Short-sellers are betting the stock would go down, but instead it has risen sharply, forcing the shorts to put up more money to maintain their position.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205344/some-tilray-shorts-may-have-made-money-during-wednesday-s-wild-trading-session-says-analyst-205344.html
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