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

SNDL Inc. (NASDAQ:SNDL)’s share price was down 1.4% during trading on Monday . The company 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.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SNDL shares. Zacks Research upgraded SNDL from a “strong sell” rating to a “hold” rating in a report on Thursday, May 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SNDL in a research note on Thursday, June 11th. One investment 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, SNDL currently has a consensus rating of “Hold” and a consensus price target of $5.00.

SNDL Price Performance

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 company has a market capitalization of $360.36 million, a PE ratio of -46.67 and a beta of 0.91. The stock’s 50-day moving average is $1.45 and its two-hundred day moving average is $1.54.

Institutional Investors Weigh In On SNDL

Several hedge funds and other institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its holdings in shares of SNDL by 718.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,622,786 shares of the company’s stock worth $12,325,000 after buying an additional 4,057,790 shares during the period. JPMorgan Chase & Co. purchased a new position in SNDL during the 3rd quarter valued at $5,039,000. HRT Financial LP purchased a new position in SNDL during the 4th quarter valued at $1,346,000. Lazard Asset Management LLC bought a new position in SNDL in the 3rd quarter valued at $2,130,000. Finally, Millennium Management LLC grew its position in SNDL by 120.1% in the 4th quarter. Millennium Management LLC now owns 1,156,161 shares of the company’s stock valued at $1,919,000 after acquiring an additional 630,870 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.