North American stock markets sell off this week as some of the vaccine bulls wear off. While some stocks of marijuana have shown resilience – notably, Canopy growth – others weren’t so lucky. However, one man’s garbage is another man’s treasure, as they say. Valuable opportunities are opening up this week for the upset.
Three names now offer a little more value as markets falter on vaccine hopes. While Friday saw a rebound, as value investors rushed in, further discounts on these major cannabis stocks look likely in the currently frayed market.
The main stocks of cannabis are still on sale
Are you looking to build long term positions or just make short term cash? In one way or another, Aphria (TSX: APHA) (NASDAQ: APHA) is bringing the goods right now. That name was down 3.6% as markets neared close on Thursday. Towards the end of the week, the opportunities may be moderate. But that sentiment could carry on until next week, as the prevailing investor mood turns freezing.
Indeed, high-risk asset types appear fragile, as a picture of post-rally reality permeates stocks. With lockdowns looming and the possibility of negative economic data impacting markets, a larger discount could be underway.
But it could prove to be a good thing for loyal shareholders. Aphria is one of the few big names in Canadian cannabis that can go the distance. Someday a potential market leader, this is a rare name to buy and keep. Cannabis stocks are generally overvalued and trade on future hopes rather than current realities. However, Aphria’s profitability makes it a rare diamond in the rough.
Prepare to buy the dips
A great success with American investors, Tilray (NASDAQ: TLRY) was nonetheless down 6% at one point on Thursday. This name may be more volatile than most, as evidenced by a 36-month high beta of 2.9. This is in part because it focuses on drugs and has a strong connection with the United States. This volatility is also explained by its early visibility as a large cannabis company trading prominently on a US stock exchange.
HEXO swung between losses of 1% and 2%, showing high volatility on Thursday. With the exception of some big peaks and valleys, this name has actually been pretty low in foam lately. A 36-month beta of 1.5 is pretty low for this space. After losing 61% of its market value, HEXO is now trading below its book price.
The correction in cannabis stocks after legalization has left some of the best stocks with decent fundamentals. At 1.27 times the pound, Aphria’s P / B denotes better value for money than some of Canada’s top banking stocks, for example.
Tilray has enormous international potential and could be a key player in the future cannabis industry. Its five times the pound P / E ratio, however, is off-putting. Having lost 66% in the last 12 months, Tilray is not a cannabis stock for the lightest. With Aphria up 1% and Tilray up 2% on Friday, investors should wait for the rebound to recede before buying.
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Silly contributor Victoria Hetherington has no position in any of the listed securities. The Motley Fool recommends HEXO. and HEXO.
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