A Bullish 2024 Outlook For Aurora Cannabis Inc (NASDAQ: ACB) Shares

Aurora Cannabis Inc (NASDAQ:ACB) shares, rose in value, with the stock price up by 44.06% to the previous day’s close as strong demand from buyers drove the stock to $7.21.

Actively observing the price movement in the last trading, the stock closed the session at $5.01. The value of beta (5-year monthly) was 2.83 whereas the PE ratio was 0.80 over 12-month period. Referring to stock’s 52-week performance, its high was $11.50, and the low was $2.84. On the whole, ACB has fluctuated by 137.95% over the past month.

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With the market capitalization of Aurora Cannabis Inc currently standing at about $113.41 million, investors are eagerly awaiting this quarter’s results, scheduled for Jun 12, 2024 – Jun 17, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.17, which is expected to increase to -$0.2 for fiscal year -$0.92 and then to about -$0.32 by fiscal year 2025.

Analysts have estimated the company’s revenue for the quarter at $51.65 million, with a low estimate of $50.83 million and a high estimate of $53.65 million. According to the average forecast, sales growth in current quarter could jump up 10.20%, compared to the corresponding quarter of last year.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ACB’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 50% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of ACB currently trading nearly 95.43% and 93.68% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 78.74, while the 7-day volatility ratio is showing 23.61% which for the 30-day chart, stands at 14.31%. Furthermore, Aurora Cannabis Inc (ACB)’s beta value is 2.33, and its average true range (ATR) is 0.64.

A comparison of Aurora Cannabis Inc (ACB) with its peers suggests the former has fared considerably weaker in the market. ACB showed an intraday change of 44.06% in last session, and over the past year, it grew by 3.40%%.

Data on historical trading for Aurora Cannabis Inc (NASDAQ:ACB) indicates that the trading volumes over the past 10 days have averaged 11.6 million and over the past 3 months, they’ve averaged 2.09 million. According to company’s latest data on outstanding shares, there are 34.53 million shares outstanding.

Nearly 1.50% of Aurora Cannabis Inc’s shares belong to company insiders and institutional investors own 25.79% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 3.82 million shares as on Mar 15, 2024, resulting in a short ratio of 3.04. According to the data, the short interest in Aurora Cannabis Inc (ACB) stood at 7.01% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 3.55 million. The stock has risen by 51.41% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ACB stock heading into the next quarter.