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Cann Group Ltd shares rocket to an all-time high

ASX shares rise

It certainly was a roller-coaster of a day for the Cann Group Ltd (ASX: CAN) share price.

The medicinal cannabis company’s shares may have finished the day 5% higher at $3.37, but that only tells half the story.

At one stage Cann Group’s shares were over 17% higher at an all-time high of $3.75, before fading in late trade.

Why did its share rocket higher?

With no meaningful news out of the company since late October, it appears as though day traders are to blame for the wild swings in its share price today. Over 1.3 million shares were traded today, compared to its normal daily average volume of 510,000.

It isn’t hard to see why day traders have taken an interest in Cann Group’s shares. With its shares closing at $3.37, they have now climbed over 1,000% since hitting the boards at 30 cents per share in May.

Where they go from here, though, is the million dollar question.

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Returns as of 6th October 2020

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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