Why Tilray Stock Jumped 18.2% Higher Today
Shares of Tilray (NASDAQ: TLRY) were jumping 18.2% higher as of 3:40 p.m. EDT on Friday. The Canadian cannabis producer didn't report any news, so why did the stock deliver such a nice gain? Probably because of two factors. The overall stock market rose as investors' optimism increased about the prospects of a swift economic recovery. Tilray's short percentage of float is also sky high. Any good news can cause short-sellers to cover their positions, contributing to upward buying pressure for the stock.
Investor sentiment and short-sellers' gyrations for one day really don't matter in the big picture. What does matter are Tilray's business prospects. And they remain a mixed bag for now.
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Source Fool.com
