Aurora Cannabis stock slides 4% premarket as MKM downgrades stock to sell [MarketWatch]
Aurora Cannabis Inc. - Common Shares (ACB)
Company Research
Source: MarketWatch
MKM analyst Bill Kirk downgraded the stock of Aurora Cannabis Inc. to sell on Friday, after the company's fiscal second-quarter earnings published late Thursday fell short of expectations. The numbers were "concerning on two fronts," Kirk wrote in a note to clients. The company's consumer cannabis revenue of C$28.6 million ($22.5 million) was down 17% from the first quarter and at its lowest level since the second quarter of 2019, he wrote. The company's guidance for positive adjusted EBITDA also failed to materialize and showed deterioration from the first quarter. "We don't see a cost-cutting or growth path that gets to near-term positive EBITDA," Kirk wrote. "For perspective, Aurora collected more in COVID-related subsidies in 2Q than it generated in gross profit dollars." Aurora may be further commoditizing its flower offering by outsourcing sales functions and may struggle to distinguish itself from rivals and the excess supply in the Canadian market, said Kirk. With pricing pres
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