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Major U.S. Broker Dealers Get Bearish On Aurora Cannabis Inc.

May 14, 2021 • 7:10 AM EDT
2 MIN READ  •  By Michael Berger
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Aurora Cannabis Inc. (ACB: TSX) (ACB: NYSE) is under pressure in pre-market trading after reporting third quarter financial results that missed expectations.

Following the earnings report, several broker-dealers issued new ratings and price targets on the Canadian cannabis producer. We find the changes to be significant and have highlighted them below:

  1. MKM Partners lowered its price target to C$6 from C$9
  2. Piper Sandler lowered its price target to C$7 from C$9
  3. ATB Capital’s rating to Sell from Hold and lowered the price target to C$7.50 from $13

During the quarter, Aurora Cannabis reported to have generated $58.4 million of revenue. This amount was almost 20% lower than the same period last year and 17% lower when compared to the prior quarter.

As of May 12th, Aurora Cannabis reported to have approx. $525 million of cash on the balance sheet. We consider the strength of the balance sheet to be an important aspect of the story and will monitor how the management team is able to turn the business around.

Going forward, we expect Aurora Cannabis to continue to be under pressure and this is a trend that our readers should be aware of. The company recently changed its strategy to sell high-quality cannabis and this represents a change from how it previously sold cheap cannabis.

During the quarter, Aurora Cannabis reported a 42% decrease in selling, general and Administrative (SG&A). The decrease is related to the company’s business transformation plan and we will monitor this trend on a going forward basis.

If you are interested in learning more about Aurora Cannabis’s quarterly financial results, please send an email to support@technical420.com with the subject “Aurora Cannabis Earnings” to be added to our distribution list.

For the fastest access to data on Canadian LP earnings reports, you can sign up for our free newsletter!

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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