SNDL Inc. (NASDAQ:SNDL) Sees Large Increase in Short Interest

Key Points

• SNDL experienced a 25.6% increase in short interest in March to 2,152,216 shares (about 0.8% of shares outstanding), with a days-to-cover ratio of 1.9 based on average daily volume.
• Analyst sentiment is mixed: Weiss Ratings reissued a “sell (d-)”, MarketBeat shows a consensus "Hold" with a $5.00 price target, and there is one Buy and one Sell analyst on the stock.
• Financially, SNDL reported quarterly EPS of $0.03 (beating estimates) but missed revenue ($183.9M vs. $258M expected); the stock trades around $1.29 with a market cap of roughly $330.8M and analysts forecast FY EPS of -0.09.

SNDL Inc. (NASDAQ:SNDL - Get Free Report) was the recipient of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 2,152,216 shares, an increase of 25.6% from the February 26th total of 1,713,567 shares. Currently, 0.8% of the shares of the company are sold short. Based on an average daily volume of 1,155,492 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of SNDL in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $5.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Traynor Capital Management Inc. acquired a new position in shares of SNDL during the third quarter valued at $27,000. Hilton Capital Management LLC acquired a new stake in SNDL in the second quarter worth about $30,000. FSM Wealth Advisors LLC bought a new position in SNDL in the 4th quarter valued at about $33,000. PFG Investments LLC increased its stake in SNDL by 53.8% during the 4th quarter. PFG Investments LLC now owns 20,000 shares of the company's stock valued at $33,000 after buying an additional 7,000 shares during the period. Finally, Oxford Asset Management LLP acquired a new position in SNDL during the 2nd quarter valued at about $44,000.

SNDL Stock Performance

Shares of SNDL stock traded down $0.03 on Monday, reaching $1.29. 1,043,762 shares of the company were exchanged, compared to its average volume of 1,476,701. The firm has a market cap of $330.76 million, a price-to-earnings ratio of -32.13 and a beta of 0.73. SNDL has a 1-year low of $1.15 and a 1-year high of $2.89. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.47 and a current ratio of 4.88. The company's 50-day moving average is $1.51 and its two-hundred day moving average is $1.85.

SNDL (NASDAQ:SNDL - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. The business had revenue of $183.87 million during the quarter, compared to analyst estimates of $257.97 million. SNDL had a negative return on equity of 1.42% and a negative net margin of 1.64%. As a group, research analysts expect that SNDL will post -0.09 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.