Anyone who is currently on the hunt for cannabis stocks could do well to consider having a look at the Tilray Brands Inc (NASDAQ:TLRY) stock.
Trading Data
On Wednesday, TLRY stock gained 3% to $6.42 with more than 18.68 million shares traded, compared to its average volume of 33.86 million shares. The stock moved within a range of $6.12 – 6.50 after opening trading at $6.24.
Last week the company had come into focus in a big way after it announced its financial results for the third fiscal quarter and since then the stock has gained significant momentum as well. The stock jumped last Wednesday after Tilray announced that it had managed to generate net income of as much as $43.19 million for the quarter. That worked out to earnings of 9 cents a share.
However, in this regard, it is more important to point out that it was a remarkable turnaround for Tilray. In the prior year period, the company had suffered losses to the tune of as much as $273.52 million, which worked out to losses of $1.03 a share.
Considering the nature of the turnaround from Tilray it is perhaps not a surprise that the stock has managed to gain momentum over the past few days. The cannabis sector may not have had a great time in recent months but it may be a good move to perhaps keep an eye out for the Tilray stock.
Technical Data
TLRY stock is trading below the 20-Day and 200-Day Moving averages of $6.68 and $9.94 respectively. However, the stock is trading above the 50-Day moving average of $6.32.
