The cannabis company is overcoming struggles it faced earlier this year
This is an interesting period for cannabis stocks amid the coronavirus pandemic in which many factors push the companies’ values back and forth. Aurora Cannabis Inc. recently closed the trading day at $9.51, which represents a 1.06% gain compared to the previous day. With that growth, the stock outpaced the more traditional S&P 500’s daily gain of 1%, although, coming into today, the company has lost 12.71% of its value over the past month.
As the company approaches its next earnings report, investors are looking into more positive aspects of Aurora. Currently, it was estimated that the total revenue would be reported at $54.37 million, 36.23% less than the same period last year. It is important to mention that these estimates can go through changes as the revisions made typically reflect data affected by short-term business trends, which can change easily. In other words, positive estimate revisions can be a good sign of the company’s business outlook.
Based on the Zacks Rank System, going from #1 (Strong Buy) to #5 (Strong Sell), it shows that Aurora has been improving over the past 30 days, but it is currently holding a #3 rank. This rank is used to compare the strength of the individual industry groups by measuring the rank of each stock within a group.
Aurora Cannabis is one of the largest cannabis ventures operating through a network of subsidiaries and partnerships. Its headquarters are in Canada, but it has operations in the US, the European Union and more.