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5 Investors Betting Big on Tilray (TLRY) Stock

  • Tilray (TLRY) reported earnings, with revenue coming in at $153.2 million.
  • Meanwhile, President Joe Biden pardoned federal marijuana convictions for thousands of people.
  • Shares of TLRY stock are down more than 45% year-to-date.
TLRY stock - 5 Investors Betting Big on Tilray (TLRY) Stock

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Shares of Tilray (NASDAQ:TLRY) are in full focus following two major catalysts. The company reported its fiscal 2023 first-quarter earnings, while President Joe Biden announced more than 6,500 individuals with prior simple marijuana possession convictions would have their charges pardoned. The pardons only apply to federal marijuana possession offenders, although Biden has urged state governors to do the same.

The President has also begun talks with Secretary of Health and Human Services Xavier Becerra and Attorney General Merrick Garland to review marijuana as a Schedule 1 drug. He added the drug’s classification “makes no sense” because it carries the same federal sentencing guidelines as heroin and LSD.

Biden’s move is a huge step toward mitigating the unfair stigma associated with marijuana. If state governors follow suit, millions of individuals across the country will see their marijuana charges pardoned, paving the way for brighter career paths.

Meanwhile, Tilray reported Q1 revenue of $153.2 million, down 9% year-over-year. Adjusted earnings before interest, taxes, deductions and amortizations (EBITDA) tallied in at $13.5 million. That marked the 14th consecutive quarter of positive EBITDA and the second-highest since the company’s inception.

Furthermore, Tilray maintained its position as Canada’s marijuana leader with a 8.5% market share. Globally, Tilray comes in first place for cannabis revenue in federally legal markets when excluding the U.S.

Expansion is a major priority for the company, and it is steadily working its way into Europe. In Germany, Tilray is already the leader in medical cannabis.

With that in mind, let’s take a look at the top investors betting on TLRY stock.

5 Investors Betting Big on TLRY Stock

Tracking institutional ownership is important, as these large investors provide liquidity and price support for stocks. During Q2, 339 13F filers reported owning TLRY, a decline of 15 filers from the previous quarter. In addition, the institutional put/call ratio sits at 0.78, up from 0.72 during Q1. This means funds own more call options against the company than put options. So, who are Tilray’s five largest investors?

  1. ETF Managers Group: 8.35 million shares. ETF Managers sold 1.26 million shares during Q2.
  2. Morgan Stanley (NYSE:MS): 8.29 million shares. Morgan Stanley purchased 5.69 million shares during Q2.
  3. Susquehanna International Group: 7.12 million shares. Susquehanna purchased 1.05 million shares during Q2.
  4. Two Sigma Investments: 2.32 million shares. Two Sigma purchased its entire stake during the second quarter.
  5. Vanguard: 2.09 million shares. Vanguard purchased 23,842 shares during Q2.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.


Article printed from InvestorPlace Media, https://investorplace.com/2022/10/5-investors-betting-big-on-tilray-tlry-stock/.

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