APHA Stock Price: Aphria Inc rebounds slightly after earlier cannabis selloff
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- NASDAQ:APHA added 0.36% on Friday as markets rose before the long weekend.
- Pot stocks have been caught up in the recent Reddit mania and may have gone too far too fast.
- Investors await word of federal cannabis legalization under the new Biden administration.
NASDAQ:APHA has been one of several cannabis stocks that have taken off since late in 2020 when it was announced that President-elect Biden had won the federal election. On Friday, as the markets prepared for an extended weekend, Aphria added 0.36% during the trading session to close the day at $16.94. The stock peaked earlier this week, setting a new 52-week high of $32.29 before a sector selloff on Thursday brought Aphria down to its current price levels. The Ontario-based company has still returned over 290% to investors during the past 52-weeks, although much of that has come during the recent rally in February.
That rally and subsequent selloff were fueled in part by the cannabis sector being the latest investing target of Reddit investors. Aphria rivals like Tilray (NASDAQ:TLRY), Aurora Cannabis (NYSE:ACB), and FinTwit favorite Sundial Growers (NASDAQ:SNDL) all had volatile weeks. Tilray suffered one of the largest drop-offs as shares were trading for $67.00 on Wednesday, but finished the week on Friday at $29.00, a loss of nearly 60% over two trading days.
APHA stock forecast
While investors await what seems like an inevitable loosening of federal legislation surrounding cannabis as a Schedule I drug, Canadian stocks like Aphria, may not be a direct beneficiary of legalization. With more states joining the fight to legalize marijuana, including New York which is expected to be at some point in 2021, it is easy to see why investors are getting excited about stocks in this industry.
- NASDAQ:APHA added 0.36% on Friday as markets rose before the long weekend.
- Pot stocks have been caught up in the recent Reddit mania and may have gone too far too fast.
- Investors await word of federal cannabis legalization under the new Biden administration.
NASDAQ:APHA has been one of several cannabis stocks that have taken off since late in 2020 when it was announced that President-elect Biden had won the federal election. On Friday, as the markets prepared for an extended weekend, Aphria added 0.36% during the trading session to close the day at $16.94. The stock peaked earlier this week, setting a new 52-week high of $32.29 before a sector selloff on Thursday brought Aphria down to its current price levels. The Ontario-based company has still returned over 290% to investors during the past 52-weeks, although much of that has come during the recent rally in February.
That rally and subsequent selloff were fueled in part by the cannabis sector being the latest investing target of Reddit investors. Aphria rivals like Tilray (NASDAQ:TLRY), Aurora Cannabis (NYSE:ACB), and FinTwit favorite Sundial Growers (NASDAQ:SNDL) all had volatile weeks. Tilray suffered one of the largest drop-offs as shares were trading for $67.00 on Wednesday, but finished the week on Friday at $29.00, a loss of nearly 60% over two trading days.
APHA stock forecast
While investors await what seems like an inevitable loosening of federal legislation surrounding cannabis as a Schedule I drug, Canadian stocks like Aphria, may not be a direct beneficiary of legalization. With more states joining the fight to legalize marijuana, including New York which is expected to be at some point in 2021, it is easy to see why investors are getting excited about stocks in this industry.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.