Shares of Aurora Cannabis (ACB) stock dropped in the pre-market Tuesday morning, sending the stock as low as $6.66 shortly after the open. Aurora reported quarterly earnings after the bell Monday, with the company posting a loss of C$0.06 per share and revenues of C$54.2 million, which shows revenue growth of 363% year over year.
Aurora reported losses in excess of C$237.8 million on the C$54.2 net revenue, leaving the company ledger in the red. C$190 million of those reported losses are attributed to the company’s heavy investment in new acquisitions and expansions. These newly acquired companies will allow Aurora to increase production, with the company expecting substantial revenue growth from the Canadian consumer market and international medical markets by the end of 2019.
Aurora stock is currently trading at $7.30 as of 11:16 AM on Tuesday, Feb 12, an increase of $0.14, or 1.88% from the previous closing price of $7.17. ACB stock has traded between $6.66 and $7.47 so far today. Volume today is 22,981,254 compared to average volume of 24,539,001.
Meanwhile, the major indices are rising. The NASDAQ has gained 1.36% to 7,407.55. The Dow Jones Industrial Average has gained 1.22% to 25,358.30. The S&P 500 has gained 1.13% to 2,740.49.