- ACB is expected to open Thursday’s session with strong gains.
- US markets seen reversing Wednesday’s strong advance.
After two consecutive daily pullbacks, shares of Aurora Cannabis Inc. (ACB) are seen opening Thursday’s session around the $17.00 mark, gaining nearly 30% in the pre-market trading hours.
The Canadian-based company is posting strong gains after shedding nearly 13% in the last couple of sessions following a failed attempt to clinch the $20.00 mark and above after Q3-earnings results surpassed forecasts last Thursday.
It is worth recalling that shares of the pot-company have nearly trebled from last Thursday’s lows in the $5.30 region to Monday’s tops just below the $20.00 yardstick.
According to the latest earnings report, the net revenue rose 18% vs. the previous quarter and consumer cannabis net revenue jumped 24% (both prints excluding provisions).
All in all, both the DowJones and the S&P500 are down marginally ahead of the opening bell in Wall St. and after Initial Claims surged by around 4.4 million during last week.
Aurora Cannabis Stock Price
At the moment, ACB is gaining 33.02% at $16.96 and a surpass of $19.68 (monthly high May 18) would expose $21.48 (high Feb.20) and finally $26.40 (monthly high Feb.4). On the downside, immediate contention aligns at $9.68 (55-day SMA) seconded by $5.30 (monthly low May 13) and then $4.07 (monthly low Aug.2016).