Stock Traders Purchase High Volume of SNDL Call Options (NASDAQ:SNDL)

Key Points

• SNDL call-option activity surged: Investors purchased 4,741 call options, 371% above the typical daily volume of 1,007 contracts.
• Analyst sentiment remains cautious: SNDL holds an average “Reduce” rating, with one analyst rating it Hold and another rating it Sell.
• Shares rose modestly to $1.45: The company reported a quarterly loss of $0.02 per share and revenue of $165.94 million, slightly below consensus estimates.

SNDL Inc. (NASDAQ:SNDL - Get Free Report) was the target of unusually large options trading on Tuesday. Stock investors purchased 4,741 call options on the stock. This is an increase of 371% compared to the typical daily volume of 1,007 call options.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNDL. Wall Street Zen lowered shares of SNDL from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Zacks Research upgraded shares of SNDL from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 28th. Finally, Weiss Ratings upgraded SNDL from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SNDL currently has an average rating of "Reduce".

SNDL Trading Up 0.7%

Shares of SNDL traded up $0.01 during trading hours on Tuesday, reaching $1.45. 287,985 shares of the company traded hands, compared to its average volume of 1,824,909. The stock's fifty day moving average price is $1.30 and its 200 day moving average price is $1.39. The company has a current ratio of 4.76, a quick ratio of 3.11 and a debt-to-equity ratio of 0.12. The firm has a market cap of $371.94 million, a price-to-earnings ratio of -24.25 and a beta of 0.96. SNDL has a 12-month low of $1.17 and a 12-month high of $2.89.

SNDL (NASDAQ:SNDL - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $165.94 million for the quarter, compared to the consensus estimate of $166.26 million. SNDL had a negative net margin of 2.36% and a negative return on equity of 2.01%. Sell-side analysts forecast that SNDL will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of SNDL in the 1st quarter worth $130,000. Goldman Sachs Group Inc. lifted its stake in SNDL by 17.1% in the first quarter. Goldman Sachs Group Inc. now owns 424,317 shares of the company's stock worth $598,000 after acquiring an additional 62,004 shares during the period. XTX Topco Ltd purchased a new stake in SNDL in the second quarter worth about $85,000. Qube Research & Technologies Ltd grew its holdings in SNDL by 78.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 354,965 shares of the company's stock worth $430,000 after acquiring an additional 155,854 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in SNDL by 7.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,853,517 shares of the company's stock valued at $5,873,000 after purchasing an additional 338,278 shares during the period.

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.

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