Several marijuana stocks were moving Monday, though in opposite directions, as Tilray and Aphria slipped and Canopy Growth and Aurora Cannabis rose.
The back story. Tilray stock fell as much as 3.7% early Monday morning after Piper Jaffray analyst Michael Lavery cut his first-quarter 2019 revenue estimates for the grower. He also lowered his full-year 2020 estimate by more than 3%. Still, many investors remain positive on the sector as whole, betting on big things from marijuana producers in the years ahead.
What's new. Analysts are opining on the future of marijuana stocks, but what are investors doing with their money? Cowen analysts offered a glimpse of the flows coming across their trading desk to provide an answer. For Tilray, the analysts “continue to see new money and existing holders add to their positions in the low $50’s.
Tilray stock was down Monday afternoon, losing 2% to $52.06. Canopy Growth stock was up 4.2% to $52, while Hexo was up 6.3% to $8.30. Aphria stock was down 2.38% to $7.37 and Harvest Health was flat. Greenlane Holdings was down 1.55% to $17.77. Looking Ahead. Barron’s Bill Alpert wrote earlier this year that investors should be hesitant before thinking about buying up marijuana stocks—especially U.S.-based growers. As he said earlier this month, Canadian marijuana sales are going nowhere fast. That hasn’t stopped investors from placing their bets, however.
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