Short Sellers Not So High on Marijuana Stocks
Cannabis stocks had a huge showing on Wall Street this past fall. In fact, most of the news flow surrounding these stocks had investors pouring money into them. Some of the stocks even doubled or tripled in value in this time.
Although a fair number of these companies are based outside the United States, many of them trade on U.S. indexes. Marijuana is still illegal within U.S. borders on a federal level, but with Canada legalizing weed back in October, many believe that the United States will follow in the near future.
Many investors are focused on getting the jump on the cannabis industry, but they aren’t alone. And with this increased speculation, short sellers have plenty of room to play with whether some prices might be overly inflated.
The February 28 short interest data have been compared with the previous figures, and short interest moves in these selected marijuana stocks were mixed.
Short interest in Canopy Growth Corp. (NYSE: CGC) increased to 22.56 million shares from the previous 21.28 million. The stock was trading at $46.01 Tuesday morning, within a 52-week range of $18.93 to $59.25.
Tilray Inc. (NASDAQ: TLRY) short interest increased to 3.99 million shares from the previous 3.74 million. Shares traded at $70.00, in a 52-week range of $20.10 to $300.00.
The number of Cronos Group Inc. (NASDAQ: CRON) shares short dropped to 21.17 million from 23.46 million in the previous period. Its shares were trading at $20.92, in a 52-week range of $5.12 to $25.10.
Hexo Corp.’s (NYSE: HEXO) short interest decreased to 3.30 million shares from the previous 3.52 million. The stock was trading at $5.55. The 52-week range is $4.91 to $7.60.
The number of shares short in Aphria Inc. (NYSE: APHA) decreased slightly to 17.63 million from the previous 17.76 million. The stock was trading at $9.76, and its 52-week range is $3.75 to $16.86.
Scotts Miracle-Gro Co.’s (NYSE: SMG) short interest grew to 3.84 million from the previous level of 3.72 million. Shares were trading at $82.00, in a 52-week range of $57.96 to $93.00.