5 Best Marijuana Stocks to Buy Now

4. Aurora Cannabis Inc. (NASDAQ:ACB)

Number of Hedge Fund Holders: 9

Aurora Cannabis Inc. (NASDAQ:ACB) produces, distributes, and sells cannabis and cannabis derivative products in Canada and internationally. The company also engages in facility engineering and design, cannabis breeding, research, production, derivatives, product development, wholesale, and retail distribution activities.

On June 24, Cantor Fitzgerald analyst Pablo Zuanic upgraded Aurora Cannabis Inc. (NASDAQ:ACB) to Overweight from Neutral and raised his price target to C$4.05 from C$3.90. The analyst sees Europe, and Germany in particular, to drive the growth of cannabis stocks over the next 12 to 18 months and noted that Aurora Cannabis Inc. (NASDAQ:ACB) is attractively valued at current levels.

At the close of Q1 2022, 9 hedge funds were long Aurora Cannabis Inc. (NASDAQ:ACB) with stakes worth $40.85 million. This is compared to 11 positions in the previous quarter with stakes worth $69.61 million.

In the second quarter of 2022, Renaissance Technologies raised its stakes in Aurora Cannbis Inc. (NASDAQ:ACB) by 268%, bringing them to $4.25 million. As of June 30, Renaissance Technologies owns roughly 3.22 million shares of Aurora Cannabis Inc. (NASDAQ:ACB) and is the largest shareholder in the company.