Pot Stock Pops On Portugal Progress

The company plans to expand production at the campus

The shares of Tilray Inc (NASDAQ:TLRY) are up 1.8% at $78.29 this morning, after the company reported that its Portuguese division's medical cannabis harvest was a success. Tilray said it has plans to expand production at the facility, with campus personnel expected to double by the end of this year. The stock is set to break its three-day losing streak today.

In fact, TLRY stock has remained fairly stagnant during the past month, after a brief spike in January was capped by its 80-day moving average. The $81-$83 area has acted as a recent ceiling for the equity, too, with the $75-$76 neighborhood emerging as support. Off the charts, Tilray has been in acquisition mode, scooping up Natura Naturals and Manitoba Harvest just in the past month.

The majority of analysts are confident in the pot stock's next leg up, with four giving it a "strong buy" rating, and two doling out a tepid "hold." Plus, the lofty consensus 12-month target price of $131.25 is a 67% premium to current levels.

Short sellers are starting to hit the exits, too. Short interest dropped 15.2% in the last two reporting periods. While the 3.74 million shares sold short still makes up 37% of the stock's available float, it only represents 1.8 days of trading, at TLRY's average daily trading volume.