Tag: Auroras

Aurora’s Earnings Disappointment, Michigan’s Great Week, And More

This was a tough week for cannabis stocks, with all ETFs down driven by disappointing earnings reports.



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Over the five trading days of the week:

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The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 6.8% The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was down 7% The Cannabis ETF (NYSE: THCX): was down 9% The Amplify Seymour Cannabis ETF (NYSE: CNBS): tumbled 3.8% The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.4%.

The news was dominated by Aurora Cannabis Inc. (NYSE: ACB)’s fourth-quarter earnings report. The Edmonton, Canada-based company said it lost more than CA$3.3 billion ($2.5 billion) in the fiscal year closing Tuesday.

Total net revenue of CA$72.1 million ($54.1 million) signified a 5% drop from the previous quarter. Net revenue for consumer cannabis in the recreational market was CA$35.3 million ($26.7 million) dropping 9% from the previous quarter. Medical cannabis net revenue

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Aurora’s Transformation, Martha Stewart, Jay Glazer, G-Eazy, And More

A shortened week kicked off on Tuesday with news about Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), naming Miguel Martin as its new CEO, and reporting its fourth quarter financial results of fiscal 2020.

During the last three months of this year, net revenue is expected to amount between $70 million and $72 million versus $75.5 million in the prior quarter. Aurora anticipates its cannabis net revenue to be between $66 million and $68 million, compared to $69.6 million in the previous three-month period.

Former CEO Michael Singer remains with the company as Executive Chairman. The team has “focused on building the infrastructure and capabilities necessary for a successful and diversified business,” as a part of its “business transformation,” Singer said.

Cantor Fitzgerald analyst Pablo Zuanic maintained an Overweight rating on Aurora and reduced the price target from CA$29 ($22.02) to CA$17.50 ($13.29) due to the sequential decline in June

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