SNDL Inc. (NASDAQ:SNDL) Short Interest Up 39.5% in April

Key Points

• Short interest in SNDL jumped 39.5% in April to 2,155,647 shares, about 0.8% of shares sold short with a days-to-cover ratio of 1.4.
• Analyst and institutional signals are mixed: MarketBeat's consensus is a Hold with an average target of $5.00 while Weiss Ratings reiterated a "sell (D-)", even as major investors like Arrowstreet and AdvisorShares significantly boosted holdings and JPMorgan added a new stake.

SNDL Inc. (NASDAQ:SNDL - Get Free Report) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 2,155,647 shares, an increase of 39.5% from the March 31st total of 1,544,773 shares. Based on an average trading volume of 1,524,109 shares, the days-to-cover ratio is presently 1.4 days. Approximately 0.8% of the company's shares are sold short.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its position in shares of SNDL by 718.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,622,786 shares of the company's stock worth $12,325,000 after acquiring an additional 4,057,790 shares in the last quarter. AdvisorShares Investments LLC boosted its position in SNDL by 203.6% during the third quarter. AdvisorShares Investments LLC now owns 3,292,492 shares of the company's stock valued at $8,824,000 after purchasing an additional 2,208,160 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in SNDL during the third quarter valued at about $5,039,000. HRT Financial LP bought a new stake in SNDL during the fourth quarter valued at about $1,346,000. Finally, Lazard Asset Management LLC bought a new stake in SNDL during the third quarter valued at about $2,130,000.

SNDL Stock Down 0.3%

Shares of NASDAQ:SNDL traded down $0.01 during trading hours on Tuesday, hitting $1.51. The company's stock had a trading volume of 660,812 shares, compared to its average volume of 1,682,986. The firm's fifty day moving average price is $1.46 and its 200 day moving average price is $1.68. SNDL has a 52 week low of $1.15 and a 52 week high of $2.89. The company has a market capitalization of $387.39 million, a price-to-earnings ratio of -37.63 and a beta of 0.81. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.88 and a quick ratio of 3.47.

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 firm had revenue of $183.87 million for the quarter, compared to the consensus estimate of $257.97 million. SNDL had a negative net margin of 1.64% and a negative return on equity of 1.42%. As a group, research analysts expect that SNDL will post -0.04 EPS for the current 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.

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