Schaeffer’s Cheap Seats highlights ACB and LUMN
Aurora Cannabis Inc (NASDAQ:ACB) and Lumen Technologies Inc (NYSE:LUMN) are this week’s picks for Schaeffer’s Cheap Seats: Stocks Under $20 segment. Though in completely different sectors, both stocks have one thing in common — their soaring price action today. Plus, each were within penny stock territory within the past couple months.
At last glance, ACB was up 5.4% at $6.20 after the Canada-based cannabis company’s fiscal first-quarter results. The stock has been seeing pressure near $6.30 for roughly the past month, with support at its 100-day moving average, though the global selloff pushed it below that trendline on Monday. Year to date, the equity is up 29.4%.
Lumen Technologies stock is trading at its highest level since September 2022, 32.7% higher at $6.54 at last look, and earlier as high as $7.83. This is the second day of massive gains for LUMN, after the company reported better-than-expected second-quarter revenue and a huge jump in its full-year free cash flow guidance amid the artificial intelligence (AI) surge.
It’s also worth noting that a good portion of both stocks are sold short. Short interest represents 7.2% of ACB’s available float, and 13.9% of LUMN’s.