199.60 -14.46 (-6.76%)
After hours: 7:59PM EDT
|Bid||199.00 x 900|
|Ask||201.00 x 1000|
|Day's Range||151.40 - 300.00|
|52 Week Range||20.10 - 300.00|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||49.33|
The cannabis craze will likely remain a major story for investors on Thursday while Yahoo Finance's signature live event, the All Markets Summit, will take place all day in New York City.
Canadian marijuana stocks are overvalued, because they are still just commodities, says Sean Stiefel, founder and cannabis portfolio manager of Navy Capital. Carter Worth says he thinks Tilray has topped out for the foreseeable future — and may even reverse. Canadian marijuana stocks are overvalued, because they are still just commodities, Sean Stiefel, founder and cannabis portfolio manager of Navy Capital, told CNBC on Wednesday.
Tilray TLRY stock fell as much as 16 percent in after-hours trading, following a volatile trading day for the Canadian cannabis company. Shares closed up 38 percent, its best day ever as a public company, after surging as much as 90 percent during the day. The company also posted a strong run on Tuesday after the U.S. Drug Enforcement Administration gave the company the green light to import marijuana to the U.S. for medical research.
Shares of Tilray nearly doubled at one point on Wednesday in volatile trading that included multiple trading halts. Seattle-based Privateer Holdings has at least a 76 percent stake in Tilray, according to FactSet. The surge of interest in companies that are connected to the marijuana industry comes as a few large consumer product companies step into the mix.
The hottest marijuana stock on the planet is defying gravity, but fundamental and historical measures say it won't last much longer.
US-listed cannabis stock Tilray (TLRY) soared to a new high of $253.80, gaining more than 60.0% on September 19. Tilray stock has risen ~1,390.0% since its IPO price of $17.00.
The Dow Jones industrials led the stock market up. Cannabis play Tilray has made an almost vertical move up, suggesting that the monthlong rally is showing signs of overheating.
Stock futures were steady early Wednesday, but Dow giant Boeing tested a buy point while Tilray and other pot stocks kept flying. Tesla's criminal probe is the latest sign of Elon Musk's poor judgment.
Caterpillar and Walgreens lead the Dow in a mixed start Wednesday, Netflix received a price target hike and Tilray tripped (yet another) cannabis rally.
Neptune Technologies & Bioressources reminded investors of an upcoming name change, which just so happened to coincide with Tilray's surge.
U.S. Bank is no longer custodian for the ETFMG Alternative Harvest ETF, even though the fund has been soaring lately. Banks are reluctant to get involved with cannabis-related stocks while the Justice Department has pledged a renewed effort against marijuana-related crimes. Pot stocks have been soaring lately, partly amid hopes that they'll partner with pharmaceutical companies.