SNDL Inc. (NASDAQ:SNDL) Sees Significant Growth in Short Interest

SNDL Inc. (NASDAQ:SNDL) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totaling 2,152,216 shares, a growth of 25.6% from the February 26th total of 1,713,567 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average trading volume of 1,155,492 shares, the short-interest ratio is currently 1.9 days.

SNDL Price Performance

NASDAQ:SNDL traded down $0.03 during mid-day trading on Monday, reaching $1.29. 1,043,762 shares of the stock were exchanged, compared to its average volume of 1,476,701. The business has a fifty day moving average price of $1.51 and a 200 day moving average price of $1.85. The firm has a market capitalization of $330.76 million, a PE ratio of -32.13 and a beta of 0.73. SNDL has a 1-year low of $1.15 and a 1-year high of $2.89. The company has a current ratio of 4.88, a quick ratio of 3.47 and a debt-to-equity ratio of 0.12.

SNDL (NASDAQ:SNDL) last issued its quarterly earnings results on Thursday, March 12th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. SNDL had a negative net margin of 1.64% and a negative return on equity of 1.42%. The company had revenue of $183.87 million during the quarter, compared to the consensus estimate of $257.97 million. Research analysts expect that SNDL will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of SNDL

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNDL. Tidal Investments LLC boosted its holdings in SNDL by 2.5% during the second quarter. Tidal Investments LLC now owns 7,272,668 shares of the company’s stock worth $8,800,000 after buying an additional 178,622 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of SNDL by 7.5% in the second quarter. BNP Paribas Financial Markets now owns 4,853,517 shares of the company’s stock valued at $5,873,000 after buying an additional 338,278 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of SNDL by 718.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,622,786 shares of the company’s stock valued at $12,325,000 after acquiring an additional 4,057,790 shares during the last quarter. AdvisorShares Investments LLC boosted its stake in shares of SNDL by 10.5% during the 4th 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. Finally, JPMorgan Chase & Co. bought a new stake in shares of SNDL during the 3rd quarter worth $5,039,000.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of SNDL in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.00.

SNDL Company Profile

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.