Why Aurora Cannabis Stock Soared 59% in May
Shares of Aurora Cannabis (NYSE: ACB) surged 59% last month, according to data provided by S&P Global Market Intelligence. The marijuana producer delivered better-than-expected third-quarter results and entered a major new market.
Aurora's shares rocketed higher on May 15, following the release of its fiscal third-quarter financial report. Its net revenue, excluding provisions, jumped 18% sequentially to CA$78.4 million, driven by strong growth in recreational and medical cannabis sales. That was well above the CA$66.7 analysts expected. The news is believed to have ignited a short squeeze; many short sellers who bet against Aurora's stock were likely forced to buy shares in order to close their positions, thereby helping to drive the price higher.
Source Fool.com