As of June 23, 2023, Aurora Cannabis Inc (NASDAQ:ACB) has seen a 10.5% drop in its shares, currently trading at $0.55 towards the end of Friday’s trading session. This decline is in sympathy with Canopy Growth Corporation, a peer cannabis stock that reported disappointing fourth-quarter financial results. Canopy Growth’s losses of 24 cents per share fell short of the analyst consensus estimate of a loss of 15 cents. The company’s quarterly sales of $72.61 million also missed the analyst consensus estimate of $73.19 million by less than 1%, reflecting a 17.7% decrease compared to the corresponding period last year.
However, Canopy Growth implemented strategic measures that reduced expenses by $125 million, including divesting national cannabis retail operations, ceasing sourcing from certain facilities, consolidating cultivation, and adopting a third-party sourcing model. Despite a 21% YoY decrease in net revenue to $403 million, revenue only decreased by 11% compared to the previous year after adjusting for divestitures. The company’s Canadian medical cannabis revenue also increased by 6% YoY. Canopy Growth entered into an agreement with Indiva Limited for the distribution and sales of Wana branded products, which is expected to enhance profitability and strengthen its position in the edibles category in Canada.
As for ACB, data from Benzinga Pro shows that its 52-week high is $1.94 and its 52-week low is $0.49. Eight analysts offering 12-month price forecasts for Aurora Cannabis Inc have a median target of $0.75, with a high estimate of $1.14 and a low estimate of $0.74.
Social Sentiments
6:00 PM (UTC)
Date:23 June, 2023
0
Twitter Sentiment
0.6484
Stocktwits Sentiment
Show more
ACB Stock Performance and Earnings Growth: A Review of June 23, 2023
On June 23, 2023, ACB stock opened at the same price as its previous close, at 0.61. Throughout the day, it experienced a day’s range of 0.55 to 0.61, with a volume of 62,222 shares traded. ACB’s market cap is $184.1M, and its earnings growth for the last year was at an impressive +80.49%. However, there is no earnings growth for this year, and the earnings growth for the next five years is projected to be at +50.65%.
Looking at the day’s performance, ACB’s stock experienced a decline of -0.04 or -5.71%. ACB’s next reporting date is on September 26, 2023, with an EPS forecast of -$0.09. Its annual revenue for last year was $176.3M, while its annual profit was -$200.5M. ACB operates in the agricultural commodities/milling industry, specifically in the process industries sector.
Aurora Cannabis Inc. Stock Analysis: 12-Month Price Forecast and Current Quarter Earnings
On June 23, 2023, Aurora Cannabis Inc.’s stock (ACB) was trading at a price of 0.55. However, according to the 12-month price forecasts provided by eight analysts, the median target price for ACB stock is 0.75, with a high estimate of 1.14 and a low estimate of 0.55. This represents a potential increase of 36.30% from the current price. The current consensus among the eight polled investment analysts is to hold stock in Aurora Cannabis Inc. Looking at the current quarter’s earnings per share and sales figures, Aurora Cannabis Inc. reported a loss of $0.09 per share and sales of $48.8 million. Overall, the performance of ACB stock on June 23, 2023, was relatively lackluster. Investors should do their due diligence and carefully consider all available information before making any investment decisions.
Be the first to comment