SNDL (NASDAQ:SNDL) Stock Price Down 1.4% – Here’s Why

Shares of SNDL Inc. (NASDAQ:SNDL) were down 1.4% on Monday . The stock traded as low as $1.40 and last traded at $1.40. Approximately 3,648,384 shares were traded during mid-day trading, an increase of 77% from the average session volume of 2,059,168 shares. The stock had previously closed at $1.42.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SNDL shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SNDL in a report on Thursday, June 11th. Zacks Research upgraded shares of SNDL from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.00.

SNDL Trading Down 1.4%

The company has a current ratio of 4.84, a quick ratio of 3.25 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $1.54. The firm has a market cap of $360.36 million, a P/E ratio of -46.67 and a beta of 0.91.

Institutional Investors Weigh In On SNDL

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. bought a new stake in shares of SNDL in the 3rd quarter worth about $5,039,000. WINTON GROUP Ltd lifted its holdings in shares of SNDL by 3,112.3% in the 3rd quarter. WINTON GROUP Ltd now owns 354,508 shares of the company’s stock valued at $950,000 after acquiring an additional 343,472 shares during the last quarter. AdvisorShares Investments LLC grew its position in SNDL by 10.5% in the fourth quarter. AdvisorShares Investments LLC now owns 3,637,388 shares of the company’s stock worth $6,038,000 after acquiring an additional 344,896 shares in the last quarter. Virtu Financial LLC grew its position in SNDL by 461.8% in the fourth quarter. Virtu Financial LLC now owns 361,260 shares of the company’s stock worth $600,000 after acquiring an additional 296,953 shares in the last quarter. Finally, State of Wyoming increased its stake in SNDL by 25.4% during the fourth quarter. State of Wyoming now owns 434,150 shares of the company’s stock worth $721,000 after acquiring an additional 87,970 shares during the last quarter.

About SNDL

SNDL Inc, formerly known as Sundial Growers Inc, is a Canada-based consumer packaged goods company focused on the production, manufacturing and distribution of cannabis products. Headquartered in Calgary, Alberta, SNDL operates multiple cultivation and processing facilities across Canada, including indoor and hybrid greenhouses in British Columbia and Ontario. The company serves both adult-use and medical cannabis markets, supplying provincial distributors as well as operating through its own wholesale and retail networks.

The company’s product portfolio spans dried flower, pre-rolls, vape cartridges, cannabis oils, edibles and infused beverages under a variety of in-house brands.