Short-seller Andrew Left of Citron Research sounds off: take profits in Aphria, short Cronos Group
Famed short-seller Andrew Left of Citron Research was taking profits in Aphria Inc (NYSE:APHA) while shorting Cronos Group (TSE: CRON) on Friday.
Markets didn’t seem fazed by the news, with shares of Aphria up 8.7% to $9.50 in afternoon trading while Cronos Group (CRON) climbed 8.5% to $21.35.
Taking profits on $APHA. Stock up 60% since call a month ago. Canadian Weed has run too far moving into in US names. $CRON short with stock trading 70% above analyst tgt. As CIBC noted “sophisticated investors are beginning to shift capital to U.S operators.”
— Citron Research (@CitronResearch) February 1, 2019
In a tweet, Citron Research said it was focusing investing effort on US cannabis stocks, having decided that “Canadian weed” has “run too far,”
Aphria shares also saw a boost, thanks to a Bloomberg report saying that Green Growth Brands is flexible and open to negotiations about its unsolicited bid for the Canadian cannabis company. Under the deal’s current terms, Ohio-based Green Growth has offered Aphria stakeholders 1.5714 shares of Green Growth stock for each Aphria share.
CIBC focuses on handful of players
Left pointed to a report by CIBC released earlier this month that said it expects only a handful of players to end up dominating the global cannabis market.
“We believe Canopy and Cronos are likely to be two of those winners,” the authors wrote in the report, which was titled “The Beginning Of A Global Seismic Shift.”
“We view Aphria as a manufacturing and automation expert but believe concerns about capital allocation and corporate governance could deter investors,” said the report.
Contact Katie Lewis at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213836/short-seller-andrew-left-of-citron-research-sounds-off-take-profits-in-aphria-short-cronos-group-213836.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).