Aurora Cannabis Inc. ACB shares are trading slightly lower Thursday following recent strength in cannabis on a slate of positive developments in the sector. .
The Details:
Aurora Cannabis shares have gained nearly 150% over the past month as cannabis stocks continue to rally.
Earlier this month, Germany legalized cannabis and investors are hopeful that the DEA is leaning toward rescheduling marijuana in the U.S.
On Monday, the Florida Supreme Court ruled to allow an initiative on the state's ballot in November which would legalize adult-use cannabis if approved by 60% of voters.
Aurora Cannabis shares are climbing on heavy trading volume Thursday with more than 50 million shares already traded in the session. According to data from Benzinga Pro, the stock’s 100-day average volume is 2.725 million shares.
Related News: What’s Going On With Cannabis Stock SNDL?
Should I Sell My ACB Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Aurora Cannabis have gained 16.33% year to date. This compares to the average annual return of -57.11%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Aurora Cannabis stock currently has an RSI of 85.45, indicating overbought conditions.
For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.
ACB Price Action: According to Benzinga Pro, Aurora Cannabis shares are down 1.50% at $7.10 at the time of publication Thursday.
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