Tilray (NASDAQ:TLRY) was the first marijuana company to go public on the NASDAQ. Investors loved the idea of getting in early on a weed stock, sending shares from $17 to more than $200, causing Bloomberg to deem Tilray "bigger than CBS, American Airlines, and Clorox."
Since its early highs, Tilray has mellowed out, with stock settling in the $40 range. But that hasn't stopped the company from pointing itself toward the future, as multiple alternative data trends show.
Less than a year ago, Tilray was on a mad dash to open distribution and sales locations throughout Canada. Since then, it's cooled off just a bit, and has even removed a couple locations according to its own location finding website.
But the company continues to hire, having more than doubled the number of openings since last spring. As of last count, Tilray is hiring for 175 people, up from just 71 in April 2019.
This hiring charge is even more telling as to Tilray's future when compared with the company's stock over time, the two of which show a pronounced divergence in the second half of 2019.
Stock corrections aside, Tilray appears to be growing like a weed. The number of LinkedIn members listing Tilray as their emnployer has bloomed from 160 to 380 — three-fold growth — in the past year alone.
But given the heavy overhead the company is clearly taking on via hiring and store openings, analysts are expecting a -$0.26 earnings per share report when Tilray drops earnings after market on Tuesday. But the cannabis industry is highly uncertain — while demand is almost a given, future market expansion remains in question as US state laws jockey with the legalization. As such, analyst price forecasts for Tilray vary anywhere from $36 to $200.
About the Data:
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
- Canadian cannabis producer Tilray added 21 distributors in the past month
- Where Tilray, the marijuana producer that's cleared for a U.S. clinical trial, is positioning itself in Canada
- The Blooming Weed Industry