Aurora Cannabis (NYSE:ACB) Price Target Cut to C$7.00

Aurora Cannabis (NYSE:ACB) had its price target cut by research analysts at CIBC from C$8.00 to C$7.00 in a report issued on Thursday, The Fly reports. The brokerage currently has an “underperform” rating on the stock.

Several other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Aurora Cannabis from a “hold” rating to a “sell” rating in a report on Wednesday, September 8th. Jefferies Financial Group raised shares of Aurora Cannabis from an “underperform” rating to a “hold” rating and reduced their target price for the company from $7.49 to $6.78 in a report on Friday, September 3rd. Atb Cap Markets reaffirmed an “underperform” rating on shares of Aurora Cannabis in a report on Friday, July 23rd. Finally, Cantor Fitzgerald cut their price objective on shares of Aurora Cannabis from C$12.00 to C$8.30 and set a “neutral” rating on the stock in a report on Friday, September 17th. Eight research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Sell” and a consensus price target of $6.78.

Shares of ACB opened at $5.95 on Thursday. The stock has a market capitalization of $1.18 billion, a PE ratio of -0.40 and a beta of 3.17. Aurora Cannabis has a 1 year low of $3.71 and a 1 year high of $18.98. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.95 and a current ratio of 5.88. The company’s 50-day simple moving average is $6.93 and its 200-day simple moving average is $8.17.

A number of hedge funds have recently made changes to their positions in the stock. Shell Asset Management Co. raised its stake in Aurora Cannabis by 6.7% in the 1st quarter. Shell Asset Management Co. now owns 19,018 shares of the company’s stock valued at $177,000 after purchasing an additional 1,192 shares during the last quarter. AdvisorShares Investments LLC grew its holdings in shares of Aurora Cannabis by 7.8% during the 1st quarter. AdvisorShares Investments LLC now owns 18,328 shares of the company’s stock worth $171,000 after purchasing an additional 1,334 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Aurora Cannabis by 13.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 13,378 shares of the company’s stock worth $125,000 after purchasing an additional 1,635 shares during the period. Glassman Wealth Services grew its holdings in shares of Aurora Cannabis by 107.2% during the 2nd quarter. Glassman Wealth Services now owns 3,866 shares of the company’s stock worth $35,000 after purchasing an additional 2,000 shares during the period. Finally, Meridian Wealth Management LLC grew its holdings in shares of Aurora Cannabis by 16.1% during the 2nd quarter. Meridian Wealth Management LLC now owns 15,459 shares of the company’s stock worth $140,000 after purchasing an additional 2,148 shares during the period. 17.15% of the stock is owned by hedge funds and other institutional investors.

Aurora Cannabis Company Profile

Aurora Cannabis, Inc engages in the production, distribution and sale of cannabis products. It also produces and sells indoor cultivation systems and hemp related food products. The company was founded by Terry Booth and Steve Dobler on December 21, 2006 and is headquartered in Calgary, Canada.

Further Reading: Mutual funds are not immune from market timing

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Analyst Recommendations for Aurora Cannabis (NYSE:ACB)

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