ACB Stock Price: Aurora Cannabis Inc. falls as selloff continues
|- NYSE:ACB has fallen 1.50% during trading hours, erasing gains made on Tuesday.
- Recreational investors are losing patience with the once-promising Canadian company.
NYSE:ACB has continued to fall on Thursday, ending the trading session at $10.54 per share, a 1.50% drop on the day. Any gains made from the sudden surge on Tuesday, have been quickly erased, after an 11% drop in the stock price over the last two days. The marijuana industry has taken a beating lately, highlighted by Canadian rival Aphria (NASDAQ:APHA) reporting losses of $0.39 per share compared to analyst estimates of $0.04 per share. It has been a steady decline for Aurora after the initial surge of investors buying up pot stocks a few years ago. A further red flag for investors is that despite recent analyst upgrades in June, Aurora Cannabis’ stock price has plummeted following the news.
ACB Stock Forecast
It has been a rocky road for Aurora Cannabis since their IPO back in 2017. What was once a promising company in the booming marijuana industry, is now struggling to stay afloat. A reverse 1:12 stock split in May of this year may have been one of the final blows for investors. While ACB is one of the most widely held stocks by investors on Robinhood, this week marked their arrival in the top 10 companies that Robinhood investors are cutting from their portfolios.
Aurora Cannabis is not the only company in the industry that has been struggling during the COVID-19 pandemic. They have joined Tilray (NASDAQ:TLRY), Hexo Corp (NYSE:HEXO), and most recently Canopy Growth (NYSE:CGC) in laying off a huge portion of their workers. The stock price has seen a near 60% decline over the last six months and things are not looking much better leading up to their next earnings announcement scheduled for September.
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