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

SNDL Inc. (NASDAQ:SNDL) was down 1.4% during mid-day trading on Monday . The stock traded as low as $1.40 and last traded at $1.40. 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 Ratings Changes

SNDL has been the subject of several research analyst reports. Zacks Research upgraded shares of SNDL from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SNDL in a report on Thursday, June 11th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.00.

SNDL Trading Down 2.8%

The company has a 50 day moving average of $1.45 and a 200 day moving average of $1.53. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.25 and a current ratio of 4.84. The stock has a market capitalization of $357.78 million, a price-to-earnings ratio of -46.33 and a beta of 0.91.

Institutional Investors Weigh In On SNDL

A number of hedge funds have recently modified their holdings of the business. Private Advisor Group LLC acquired a new position in SNDL during the first quarter worth about $28,000. Hilton Capital Management LLC acquired a new stake in SNDL in the 2nd quarter valued at about $30,000. FSM Wealth Advisors LLC acquired a new stake in SNDL in the 4th quarter valued at about $33,000. PFG Investments LLC lifted its stake in SNDL by 53.8% in the 4th quarter. PFG Investments LLC now owns 20,000 shares of the company’s stock worth $33,000 after purchasing an additional 7,000 shares in the last quarter. Finally, Oxford Asset Management LLP purchased a new position in SNDL in the 2nd quarter worth approximately $44,000.

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.