There was a time when Aurora Cannabis (NASDAQ:ACB) was one of the more prominent companies in the cannabis sector but it has had a pretty tough period lately. That can also be seen in the price action of its stock over the course of the past month.
Trading Data
On Thursday, ACB stock moved down 7.04% to $3.96 with more than 4.35 million shares, compared to its average volume of 6.19 million shares. The stock moved within a range of $3.9500 – 4.2200 after opening trade at $4.14.
Latest Buzz
During the past month the stock has declined by as much as 31% and it may be the right time to figure out if the stock is going to rebound any time soon or not. In this context, it ought to be noted that most of the other major marijuana companies have also performed poorly over the past months.
In this situation, it needs to be noted that the Canadian company maybe one of the major players in the industry but the holy grail for most of these companies remains the United States. It is a massive market but marijuana has still not been legalised at a federal level.
The company used to spend too much earlier but has recently noted that it has put in place a transformation plan that is aimed at bringing down its spending significantly. It may be one of the stocks to watch this year but there is a fair degree of uncertainty involved with the stock.
Technical Data
ACB stock is trading below the 20-Day and 50-Day Moving averages of $4.65 and $5.52 respectively. However, the stock is trading below the 200-Day moving average of $7.13.
