57 days have passed by since the last earnings report for Aurora Cannabis Inc. (NYSE:ACB) and the new quarterly results look set to arrive in 76 days. The shares of ACB at the moment are trading at a volume of 7.65 million, which compares with its normal daily standard volume of 13535627 shares. This has led to the shares of the company declining by -1.34%, currently exchanging hands at $7.34 a share. ACB stock has been up by $5.18 (-41.4%) ever since it reached its 52-week high of $12.52 back in October 16, 2018. It has progressed below its 50-day moving average of $7.75 and is down -6.26% over the past week. The stock has retreated 0% since the last one arrived so the question here is that will the downbeat trend in that time frame continue leading up to its next earnings release, or is the ACB share price due for a breakout?
Analyzing The Earnings History Of Aurora Cannabis Inc. (NYSE:ACB)
In the past few years, the ACB stock has been known to miss the Wall Street’s earnings projection. The company missed 8% of the time, according to the data pulled on their earnings, was able to meet predictions on 0 occasions and topped expectations 0 times. Looking at the past trend, the price of Aurora Cannabis Inc. shares had sank following the release of their earnings in 3 of the last 6 quarters.
Looking back, here is how Aurora Cannabis Inc. (ACB) stock reacted to earnings misses and beats. It gave investors reason to be bullish with the price going down after 1 of the last four earnings reports. The shares of Aurora Cannabis Inc. recorded 4.49%, 0% and -4.53%, respectively, on the first day of past earnings releases. After a week of earnings reports, the changes were 5.86%, -3.35% and -12.21%. Their post-earnings price movements have resulted in an average decrease of -0.01% and an average decrease of -3.23% in Aurora Cannabis Inc. on next day and 7th day, sequentially. ACB’s one month stock performance led to its shares declining by -3.93% with a return of 7.6% witnessed over the last 52 weeks.
The higher number of analysts at Reuters has assigned a buy or better ratings (9) on the Aurora Cannabis Inc. stock, while 3 of them have a rating of a Hold with the 11-year target price suggested by the analysts standing at $0. This price target implies potential upside of -100 percent over the next 12 months based on the current share price.
Aurora Cannabis Inc. (ACB) Post Earnings Announcement Drift (PEAD)
Back on May 14, 2019, Aurora Cannabis Inc. (NYSE:ACB) released its Q3 results. After the earnings were reported, the price of ACB stock kicked off the session at $8.1 and remained in a range of $8.16 to $8.49 on the first day. The shares were priced at $8.38 at the close with a total volume of shares being 19182698.
On February 11, 2019, the Q2 earnings report was disclosed. The stock price range of ACB was between $6.78 and $7.47 on the first-day post announcement, after opening the day at $6.66. The session came to close at $7.17 and there was a total volume of 38643392 shares.
November 12, 2018 was the day when its Q1 results were unveiled. The very next day, ACB stock opened at $6.62 while staying in a range of $7.49 to $7.69. At the end, it moved to $6.96 a total volume of shares been 24962392.