Short Sellers Can't Make Up Their Minds on Cannabis Stocks
Cannabis stocks had a huge showing on Wall Street last 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 that 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 July 31 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) decreased slightly to 34.39 million shares from the previous 34.84 million. The stock was trading at $32.13 Monday morning, within a 52-week range of $24.46 to $59.25.
Tilray Inc. (NASDAQ: TLRY) short interest dropped slightly to 6.71 million shares from the previous 6.78 million. Shares traded at $41.82, in a 52-week range of $24.00 to $300.00.
The number of Cronos Group Inc. (NASDAQ: CRON) shares short decreased to 35.93 million from 37.66 million in the previous period. Its shares were trading at $12.85, in a 52-week range of $5.61 to $25.10.
Aurora Cannabis Inc. (NYSE: ACB) saw its short interest increase to 107.50 million shares from 87.20 million in the prior period. The stock was trading at $6.37. The 52-week range is $4.05 to $12.52.
Hexo Corp.’s (NYSE: HEXO) short interest rose to 26.12 million shares from the previous 19.63 million. The stock was trading at $4.57. The 52-week range is $3.73 to $8.40.
Short interest in Aphria Inc. (NYSE: APHA) increased to 27.41 million from the previous 20.51 million. The stock was trading at $6.37, and its 52-week range is $3.75 to $16.86.