SNDL (NASDAQ:SNDL) Shares Gap Down – Should You Sell?

SNDL Inc. (NASDAQ:SNDL)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $2.19, but opened at $1.90. SNDL shares last traded at $1.9650, with a volume of 2,858,873 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SNDL. Alliance Global Partners began coverage on SNDL in a report on Wednesday, September 3rd. They issued a “buy” rating and a $5.00 price target on the stock. Wall Street Zen cut SNDL from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SNDL in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $4.50.

SNDL Trading Down 13.2%

The company has a market capitalization of $499.54 million, a PE ratio of -7.02 and a beta of 3.83. The company has a current ratio of 5.03, a quick ratio of 3.36 and a debt-to-equity ratio of 0.11. The stock has a fifty day moving average of $2.45 and a two-hundred day moving average of $1.82.

SNDL (NASDAQ:SNDL) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.04) earnings per share for the quarter. SNDL had a negative net margin of 10.38% and a negative return on equity of 8.58%. As a group, sell-side analysts anticipate that SNDL Inc. will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SNDL

Institutional investors and hedge funds have recently bought and sold shares of the stock. Traynor Capital Management Inc. bought a new position in SNDL during the 3rd quarter worth approximately $27,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in SNDL during the 1st quarter worth approximately $30,000. Quantbot Technologies LP grew its position in SNDL by 815.0% during the 1st quarter. Quantbot Technologies LP now owns 21,667 shares of the company’s stock worth $31,000 after acquiring an additional 19,299 shares during the last quarter. Hilton Capital Management LLC bought a new position in SNDL during the 2nd quarter worth approximately $30,000. Finally, R Squared Ltd grew its position in SNDL by 722.2% during the 1st quarter. R Squared Ltd now owns 35,520 shares of the company’s stock worth $50,000 after acquiring an additional 31,200 shares during the last quarter.

About SNDL

SNDL Inc engages in the production, distribution, and sale of cannabis products in Canada. The company operates through Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments segments. It engages in the cultivation, distribution, and sale of cannabis for the adult-use and medical markets; sells wines, beers, and spirits through wholly owned liquor stores; and private sale of recreational cannabis through wholly owned and franchised retail cannabis stores.