Following the completion of a merger with Aphria, Tilray, Inc. (TSX: TLRY) (Nasdaq: TLRY) has been one of the most highly talked about Canadian Licensed Producers (LPs).
We have been bullish on the combined company due to the geographic diversity of the assets that it owns and the amount of revenue that is being generated by it. During the second calendar quarter of 2021 (ended on June 30th), the Canadian LP reported a large increase in the amount of common stock that is being acquired by institutional investors.
The increase in the amount of buy from institutional investors is an important trend and we believe that our readers need to be aware of it. Today, we want to issue an update on Tilray that covers important topics like institutional investor buying, insider selling, and future potential catalysts for growth.
After the second calendar quarter, Horizons Marijuana Life Sciences Index reported to have purchased an additional 2.31 million common shares (valued at approx. $72.9 million) and owned 4.04 million common shares (as of June 30th).
Vanguard Health Care Index Fund is Tilray’s second largest institutional investor (as of June 30th) and reported to have purchased an additional 0.01 million common shares and owned 1.29 million common shares (valued at approx. $23.24 million as of June 30th)
When it comes to the institutional investors that bought the most Tilray common shares in the second calendar quarter, AdvisorShares Pure Cannabis ETF came in second. The fund reported to have purchased an additional 1.16 million common shares during the quarter (owned 1.26 million common shares that were valued at approx. $21.07 million as of June 30th).
Exchange Traded Funds (ETFs) reported slightly increases in the amount of Tilray common stock that was being bought in the second quarter and this is a trend that were are closely following. We finding the timing and the size of the institutional purchases to be significant as Tilray’s largest shareholder, Brendan Kennedy, is selling stock in accordance with a previously filed Rule 10b5-1 trading plan.
During the last month, Tilray has fallen more than 20% and has come under pressure with other large-scale Canadian LPs. At current levels, Tilray is valued at $6.5 billion (by market capitalization as of July 23rd) and momentum recently started to trend to the upside (as measure by its Relative Strength Index).
We believe that Tilray is executing on a multi-national expansion strategy and are bullish on the growth prospects that are associated with the business. If you are interested in learning more about Tilray, please send an email to email@example.com with the subject “Tilray” to be added to our distribution list.
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