Short Sellers Get Even Higher on Cannabis Stocks

Follow 24/7 Wall St. on Google

By Chris Lange Updated Mar 13, 2020 at 6:12 PM EDT · Published May 10, 2019 at 9:50 AM EDT

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Short Sellers Get Even Higher on Cannabis Stocks — © Dmitry_Tishchenko / Getty Images

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 April 30 short interest data have been compared with the previous figures, and short interest in most of these selected marijuana stocks increased.

[nativounit]

Short interest in Canopy Growth Corp. (NYSE: CGC) increased to 27.28 million shares from the previous 25.83 million. The stock was trading at $46.87 Friday morning, within a 52-week range of $23.16 to $59.25.

Tilray Inc. (NASDAQ: TLRY) short interest grew to 4.46 million shares from the previous 3.66 million. Shares traded at $46.40, in a 52-week range of $20.10 to $300.00.

The number of Cronos Group Inc. (NASDAQ: CRON) shares short increased slightly to 22.91 million from 22.25 million in the previous period. Its shares were trading at $14.09, in a 52-week range of $5.52 to $25.10.

Aurora Cannabis Inc. (NYSE: ACB) saw its short interest rise to 88.57 million shares from 83.57 million in the prior period. The stock was trading at $8.35. The 52-week range is $4.05 to $12.52.

Hexo Corp.’s (NYSE: HEXO) short interest decreased to 5.50 million shares from the previous 6.10 million. The stock was trading at $7.37. The 52-week range is $4.91 to $8.40.

Short interest in Aphria Inc. (NYSE: APHA) increased to 17.71 million from the previous 14.06 million. The stock was trading at $6.74, and its 52-week range is $3.75 to $16.86.

Scotts Miracle-Gro Co.’s (NYSE: SMG) short interest grew slightly to 4.15 million from the previous level of 4.10 million. Shares were trading at $89.68, in a 52-week range of $57.96 to $94.49.

[recirclink id=546851]
[wallst_email_signup]