Tilray Brands, Inc. (TLRY) saw a significant price increase today, closing at $1.43, up 13.49% from the previous close of $1.26. The stock opened at $1.33 and reached an intraday high of $1.45, with a trading volume of 85,348,753 shares, which is 301.58% of its average volume. This surge was driven by a combination of factors, including increased social media buzz over the weekend about Tilray's diversification into the beverage sector, which has seen a 132% y/y increase in net revenue. This strategic shift away from sole reliance on cannabis is viewed positively by investors. Additionally, the high short interest in the stock has fueled speculation about a potential short squeeze.
Recent news highlighted Tilray's broader strategy and expansion efforts, including its subsidiary SweetWater Brewing's upcoming 28th Anniversary Bash, which is generating excitement. Analysts have mixed views on Tilray's long-term prospects, but some are optimistic about potential growth opportunities in 2025. The anticipation of Tilray's second-quarter fiscal year 2025 financial results, set to be released on January 9, 2025, is also contributing to investor interest.