ACB Stock Price: Aurora Cannabis inc may bounce from $2 after two appointments
|- Aurora Cannabis's stock is struggling around $C2, close to the all-time lows.
- The appointment of two advisors may serve as a trigger for an upswing for ACB.
- Wednesday's four-hour chart is still pointing to downside risks for Aurora.
Aurora Cannabis inc. It is trading around $C2, which is just above the record low of 1.90. Investors are still reeling from the earnings report – which showed a plunge in revenue – and from the departure of the CEO.
However, holders of ACB's equity may find hope in the marijuana firm's appointment of two independent directors. Lance Friedmann, previously of Kraft Heinz, and Michael Detlefsen of Pomegranate Capital Advisors, bring in knowledge of Consumer Packaged Goods (CPG) and may help Aurora strike significant partnerships.
Cronos has Altria, and Canopy Growth Corporation is working hand in hand with Constellation Brands. Can Aurora also strike a major deal or even find a new cash injection? That may take time to materialize, but it provides hopes to investors.
In the meantime, analysts are mixed. Vivien Azer of Cowen has downgraded Aurora alongside other pot companies. On the other hand, Pablo Zuanic of Cantor Fitzgerald has remained overweight on the stock, encouraged by recent cost-cutting exercise the company recently performed.
Aurora Cannabis Stock Price
ACB's stock price is in dire straits on the four-hour chart. Momentum is to the downside while the Toronto-traded shares are below the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is above 30 – outside oversold conditions.
1.90 is the immediate support, followed by 1.50. Critical resistance awaits at 2.40, and the upside target is 3.05.
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