Tilray Inc (NASDAQ:TLRY) set the cannabis space ablaze following an interview with CNBC’s Jim Cramer, sending its shares surging double digits. But short-seller Andrew Left’s Citron Research had some harsh words to share about the Canadian cannabis company.
The move in Tilray is beyond comprehension. No one needs a market pundit to explain that. This is just the dynamic of trading low float stocks. Yes we are short and will hold a manageable position until rationality sets in— Citron Research (@CitronResearch) September 19, 2018
Citron LOVED $TLRY at $26 but now we are SHORTING stock. Cowen lowered est and still raised tgt $62 only shows "RETAIL INVESTORS GONE MAD" and forgot $TLRY went public at $17 - 6 weeks ago. We would expect an equity raise at these levels. By far most expensive in space.— Citron Research (@CitronResearch) September 4, 2018
Left had said it could be the next marijuana company to get a “white knight at a premium to market.”
Shares of Tilray soared nearly 50% to US$232 in Wednesday pre-market trading.