Aurora Cannabis Inc. (ACB) shares rose 7.7% in the last trading session to close at $ 9.66. The move was supported by solid volume, with far more stocks changing hands than in a normal session. That compares to the stock’s 0.1% gain over the past four weeks.
Aurora Cannabis Inc. saw solid price increases, fueled by optimism resulting from the announcement of the launch of a dedicated science and innovation group of companies. The goal of launch is to commercialize patented and patent-pending technologies that may be critical to the development of cannabinoid biosynthesis and plant genetics. The market is also bullish on the company’s start trading on the Nasdaq Global Select Market (following the completion of the transfer of its listing from the NYSE) on May 25th.
Price and consensus
This company is expected to post a quarterly loss of $ 0.21 per share in its upcoming report, a year-over-year change of -61.5%. Revenue is expected to be $ 53.1 million, 2.1% more than the prior-year quarter.
While earnings and sales growth expectations are important in evaluating a stock’s potential strength, empirical research shows a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Aurora Cannabis Inc.’s consensus EPS estimate for the quarter has been revised 18.3% to current levels over the past 30 days. And a negative trend in revisions to earnings estimates does not usually lead to a price increase. So keep an eye on ACB to see if this latest jump can lead to more strength in the future.
The stock is currently ranked 3 (hold). The full list of today’s Zacks Rank # 1 (Strong Buy) stocks can be found here >>>>
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.