Aurora Cannabis (NASDAQ:ACB) Stock Slumps 30% YTD: A Good Time To Buy?

Aurora Cannabis (NASDAQ:ACB) is one of the biggest operators in the cannabis industry but the company’s stock has been a laggard for a long time and the trend has continued in 2021 as well.

The stock has gone down by as much as 15% so far this year and in this situation it is perhaps important for investors to figure out if the stock could actually make a comeback. While there are considerable risks associated with the stock, it should not be forgotten that in the middle of the meme stock craze earlier on this year, the Aurora stock had shot up to as much as $19 a share in February.

Although the company has found it difficult to grow its revenues on a consistent basis Aurora has made some meaningful progress as well in order to reverse that trend. The current semblance of stability at Aurora can be gauged from the fact that as of May 12 this year it had a cash balance of C$525 million and that reflected a significant jump from the C$230 million in cash that it had at the same time a year ago. Hence, the company is no longer in danger of running out of cash, a fear that had been expressed by many in the past.