SNDL (NASDAQ:SNDL) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded SNDL to “strong sell” from “sell,” while Weiss Ratings also maintained a sell-level assessment; MarketBeat analysts give the stock an average “Reduce” rating.
• SNDL shares were trading at $1.24, down 4.6%, with the company reporting a quarterly loss of $0.15 per share—far worse than the $0.01 consensus estimate—despite revenue slightly exceeding forecasts.
• Several institutional investors increased or initiated positions in SNDL, including Cannell Capital, Ewing Morris, the State of Wyoming, Lazard Asset Management and Man Group.

SNDL (NASDAQ:SNDL - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded SNDL from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, SNDL currently has an average rating of "Reduce".

SNDL Trading Down 4.6%

SNDL stock opened at $1.24 on Friday. The company has a quick ratio of 3.11, a current ratio of 3.92 and a debt-to-equity ratio of 0.13. The company has a market cap of $319.17 million, a price-to-earnings ratio of -7.29 and a beta of 0.93. The business has a fifty day simple moving average of $1.32 and a 200-day simple moving average of $1.40. SNDL has a 52 week low of $1.13 and a 52 week high of $2.34.

SNDL (NASDAQ:SNDL - Get Free Report) last issued its earnings results on Tuesday, October 27th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.14). SNDL had a negative net margin of 6.39% and a negative return on equity of 1.68%. The firm had revenue of $167.18 million during the quarter, compared to analyst estimates of $164.18 million. On average, equities research analysts expect that SNDL will post -0.20 EPS for the current year.

Institutional Investors Weigh In On SNDL

Institutional investors have recently bought and sold shares of the business. Cannell Capital LLC acquired a new position in shares of SNDL during the 2nd quarter valued at $11,663,164. Ewing Morris & Co. Investment Partners Ltd. increased its holdings in 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 valued at $1,994,000 after purchasing an additional 180,000 shares in the last quarter. State of Wyoming increased its holdings in SNDL by 739.3% in the 3rd quarter. State of Wyoming now owns 1,461,165 shares of the company's stock valued at $1,885,000 after purchasing an additional 1,287,074 shares in the last quarter. Lazard Asset Management LLC increased its holdings in SNDL by 14.4% in the 1st quarter. Lazard Asset Management LLC now owns 1,050,278 shares of the company's stock valued at $1,386,000 after purchasing an additional 132,171 shares in the last quarter. Finally, Man Group plc purchased a new position in SNDL in the second quarter valued at about $1,228,000.

About SNDL

SNDL Inc is a Canada-based cannabis and liquor company headquartered in Calgary, Alberta. Formerly known as Sundial Growers Inc, the company began as a licensed cannabis producer and has expanded into cannabis cultivation, processing, branded product sales and retail operations.

SNDL offers cannabis products through brands that have included Sundial, Top Leaf, Palmetto and Value Buds. Its cannabis business serves the Canadian adult-use and medical markets through provincial distribution systems and company-operated or affiliated retail locations.

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