Tilray's fourth-quarter revenue exceeded analyst expectations
Two pot stocks are making headlines today. First up, Tilray Inc (NASDAQ:TLRY) is down 0.7% to trade at $71.76 -- bringing its month-to-date deficit to 11.5% -- after the company reported a fourth-quarter loss. However, the damage is held in check as revenue exceeded analyst expectations and full-year sales more than doubled year-over-year, thanks to "expanding and strengthening strategic partnerships," according to the company's CEO.
Short sellers continue to target the stock. Short interest increased by 4.3% in the most recent reporting period to 3.99 million shares. This represents a hefty 39.5% of TLRY's total available float.
Elsewhere, Aurora Cannabis Inc (NYSE:ACB) stock is up 2% to trade at $10.14, after the company inked a procurement deal with Australian cannabis cultivator Cann Group. Aurora will buy medical cannabis from Cann's facilities through 2024.
On the charts, this only extends ACB's recent hot streak. Last week, Aurora Cannabis stock notched a weekly win of 24%, its largest since the shares first started trading on the Big Board in late October, on news Nelson Peltz signed on as a strategic advisor to the cannabis company. Year-to-date, the security has now more than doubled in value.
Should Aurora Cannabis keep riding higher, analysts may be encouraged to re-evaluate their skeptical stance. Two-thirds of the brokerages covering ACB rate it a tepid "hold."