Update 3: TLRY is now tumbling after hours, down some $40 from its closing price of $214.06
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Update 2: Halt #5, this time on the upside as the stock soars from red on the day to $217 in under 5 minutes.
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Update 1: And a 4th halt, as the Tilray plunge continues, now at $168. In a spectacular plunge, the stock is now down 45% from all time high of exactly $300 just minutes earlier.
Volkswagen Tilray short-squeeze is becoming unbearable for pot bears, as a result of the minute moves in the stock, which moments ago soared to $300/share.
We will let readers catch up on the TLRy story, but what was remarkable is just how clinically TLRY tumbled the instant it hit a record high of $300, sending its market cap above $25billion, at which point the stock was halted on three occasions: once ruing the algo liquidation, the second during a furious ramp higher to catch up $230 to $266, and then again, shortly thereafter on another down move which has taken the stock to $220 from $300 just minutes earlier...
After the halts, the spread in the stock's bid/ask was as high as several dollars as liquidity in the name appears to have completely disappeared. At this point the new momentum chasers are once again loading up, with hopes of sending the stock even higher, in a move that bitcoin fans recall not so fondly, largely due to what happens next...
And curiously, just as TLRY is suddenly tumbling, someone just went on a wild cryptocurrency buying spree.