Options Market Expects Volatile Tilray Stock Earnings Move

Tilray will report earnings after tomorrow's close

Weed stocks will have the chance to react to earnings this week, with several marijuana companies set to report. Tilray Inc (NASDAQ:TLRY) is set to release its third-quarter report after the market closes this Tuesday, Nov. 13. Ahead of the event, the stock is down 0.1% today to trade at $107.82, but options traders are anticipating another big post-earnings move.

After TLRY's first earnings report back in late August, the stock surged 20.6% in the subsequent session. This time around, the options market is pricing in a 27.3% post-earnings move for the equity, according to implied earnings deviation data.

On the charts, Tilray stock has added a whopping 368% since its July 19 open at $23.10, after the firm priced its initial public offering (IPO) at $17 per share the day before. The shares pulled back sharply from their record high of $300 on Sept. 19, but quickly bounced off the $90 level late last month.

Analysts remain split over the pot stock. Of the five brokerages covering the security, two rate it a "buy," and three rate it a tepid "hold." Further, its consensus 12-month price target of $147.33 is a 38% premium to today's current perch.