SNDL (NASDAQ:SNDL) Stock Falls 2.2% – Here’s Why

SNDL Inc. (NASDAQ:SNDL) dropped 2.2% on Tuesday. The company traded as low as $1.3550 and last traded at $1.36. 1,945,780 shares were traded during trading, an increase of 66% from the average session volume of 1,169,498 shares. The stock had previously closed at $1.39.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SNDL. Weiss Ratings upgraded shares of SNDL from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 26th. Wall Street Zen lowered shares of SNDL from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

SNDL Stock Performance

The company has a 50-day simple moving average of $1.32 and a two-hundred day simple moving average of $1.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.11 and a current ratio of 4.76. The firm has a market capitalization of $350.06 million, a P/E ratio of -22.67 and a beta of 0.96.

SNDL (NASDAQ:SNDL) last announced its earnings results on Tuesday, July 28th. The company reported ($0.02) earnings per share (EPS) for the quarter. The firm had revenue of $165.94 million during the quarter, compared to the consensus estimate of $166.26 million. SNDL had a negative return on equity of 2.01% and a negative net margin of 2.36%. As a group, equities analysts forecast that SNDL Inc. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On SNDL

A number of institutional investors have recently added to or reduced their stakes in SNDL. Connective Capital Management LLC purchased a new position in SNDL during the second quarter valued at $129,000. Ewing Morris & Co. Investment Partners Ltd. grew its position in shares of SNDL by 13.8% in the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 1,481,222 shares of the company’s stock worth $1,994,000 after buying an additional 180,000 shares during the period. Cannell Capital LLC bought a new position in shares of SNDL in the 2nd quarter worth about $11,663,164. Bank of America Corp DE purchased a new position in shares of SNDL during the second quarter valued at approximately $217,000. Finally, Man Group plc bought a new stake in shares of SNDL in the 2nd quarter worth approximately $1,228,000.

About SNDL

SNDL Inc (NASDAQ: SNDL) is a Canadian cannabis and liquor company headquartered in Calgary, Alberta. The company operates across the cannabis value chain, including cultivation, processing, manufacturing, distribution and retail, while also maintaining a network of liquor stores.

SNDL’s cannabis business offers products such as dried cannabis, pre-rolls, vapes, concentrates, edibles and beverages through brands that include SNDL, Sundial, Top Leaf, Palmetto and Grasslands. Its cannabis retail operations include banners such as Value Buds, Spiritleaf and Dutch Love.