SNDL (NASDAQ:SNDL) Shares Break Above 50-Day Moving Average – What’s Next?

SNDL Inc. (NASDAQ:SNDL)’s stock price passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $1.32 and traded as high as $1.37. SNDL shares last traded at $1.35, with a volume of 2,565,512 shares.

Analyst Upgrades and Downgrades

SNDL has been the subject of a number of recent analyst reports. Weiss Ratings raised SNDL from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 26th. Wall Street Zen cut shares of SNDL from a “sell” rating to a “strong sell” rating in a research note on Saturday. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SNDL has an average rating of “Reduce”.

SNDL Price Performance

The company has a quick ratio of 2.34, a current ratio of 3.92 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $347.49 million, a PE ratio of -7.94 and a beta of 0.98. The firm’s 50 day simple moving average is $1.32 and its 200 day simple moving average is $1.39.

SNDL (NASDAQ:SNDL) last announced its earnings results on Tuesday, October 27th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The firm had revenue of $167.18 million during the quarter, compared to analysts’ expectations of $164.18 million. SNDL had a negative net margin of 6.39% and a negative return on equity of 1.68%. As a group, research analysts anticipate that SNDL Inc. will post -0.20 EPS for the current fiscal year.

Institutional Trading of SNDL

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNDL. Cannell Capital LLC bought a new stake in SNDL in the second quarter worth about $11,663,164. Man Group plc purchased a new position in shares of SNDL during the second quarter valued at approximately $1,228,000. State of Wyoming grew its stake in shares of SNDL by 739.3% during the third quarter. State of Wyoming now owns 1,461,165 shares of the company’s stock valued at $1,885,000 after buying an additional 1,287,074 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of SNDL during the first quarter valued at approximately $795,000. Finally, OneDigital Investment Advisors LLC bought a new position in shares of SNDL during the second quarter valued at approximately $790,000.

SNDL Company Profile

SNDL Inc is a Canada-based cannabis and liquor company headquartered in Calgary, Alberta. Formerly known as Sundial Growers Inc, the company began as a licensed cannabis producer and has expanded into cannabis cultivation, processing, branded product sales and retail operations.

SNDL offers cannabis products through brands that have included Sundial, Top Leaf, Palmetto and Value Buds. Its cannabis business serves the Canadian adult-use and medical markets through provincial distribution systems and company-operated or affiliated retail locations.