Tilray Brands Inc (NASDAQ:TLRY) is a prominent player in the cannabis industry, known for its production and distribution of medical and recreational cannabis products. The company operates globally, with a focus on innovation and quality. Tilray faces competition from other cannabis companies like Canopy Growth and Aurora Cannabis. Recently, ATB Capital upgraded Tilray to a "Sector Perform" rating, with the stock priced at $8.26.
Tilray's stock has experienced significant fluctuations. On a recent Tuesday, shares surged over 12%, closing at $8.09. This recovery followed a challenging period where the stock dropped nearly 40% after a 1-for-10 reverse stock split on December 2. The reverse split aimed to optimize capital structure and attract institutional investors, but initially led to a sharp decline in share value.
The reverse stock split reduced Tilray's float from approximately 1.16 billion shares to about 116 million, significantly decreasing the supply of tradable shares. This reduction in float is a key factor in the recent rebound of Tilray's stock. The current stock price is $8.26, reflecting a 2.10% increase with a $0.17 change. The stock has traded between $7.85 and $8.64 today.
Over the past year, Tilray's stock has seen a high of $23.20 and a low of $3.50, indicating considerable volatility. The company's market capitalization is approximately $924.94 million, with a trading volume of 6.22 million shares on the NASDAQ exchange. This volatility and trading activity highlight the dynamic nature of the cannabis industry and investor interest in Tilray.
