Aurora Cannabis (ACB.US) stock plunged more than 6.0% after the company reported lower than expected Q3 figures. Cannabis producers lost 85 Canadian cents per share, while analysts expected a much smaller loss of 21 Canadian cents per share. Revenue of 55.161 million Canadian dollars also came in below estimates for 66.92 million Canadian dollars. Medical cannabis net sales rose 17% however adult-use cannabis sales dropped 53%. Aurora attributed the drop in recreational weed sales partially due to pandemic-related restrictions in Canada. Separately, Aurora announced a move in its U.S. stock listing to Nasdaq from the New York Stock Exchange, citing lower costs.
Aurora Cannabis (ACB.US) stock launched today's session with a bearish price gap and is approaching the lower limit of the descending channel which coincides with local support at $6.55. Should break lower occur, then downward move may be extended to the next support at $3.80. On the other hand, if buyers will manage to halt decline here, then upward impulse towards resistance at $9.25 could be launched. Source: xStation5