In a recent Tweet from famed short-seller Andrew Left’s Citron Research, Tilray, Inc. (NASDAQ:TLRY) investors are warned with an ominous photo of a popping bubble and a message that reads, “$TLRY a picture is worth 1k words”.
— Citron Research (@CitronResearch) September 12, 2018
Clicking further onto the Citron Research website, we see a warning that “The recent cannabis stock rally is a US phenomenon fueled by retail investors.”
After IPOing at $17 per share just a few weeks ago, shares of TLRY on the NASDAQ are trading over $100 per share, representing a rapid rise of over 400%. While Left was a Tilray bull when it was trading lower in mid-August, he has since reversed his opinion given how much higher shares have climbed.
Due to his bearishness, “Citron has received hundreds of emails from investors ranging from anti-Semitic to threats on family.” According to Citron, “NOT one of them could justify the price increases with any analysis whatsoever.”
These threats, Left says, are themselves a sign of a retail bubble.
Since the Tweet went out after the open, shares of Tilray, Inc. have slid roughly $5 per share in intraday trading. We’ll be watching Tilray closely for the rest of the day to see how things unfold.
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