SNDL Inc. (NASDAQ:SNDL) Short Interest Update

Key Points

• Short interest fell 28.2% to 1,544,773 shares as of March 31, leaving a short-interest ratio of 1.0 days and roughly 0.6% of the float shorted.
• SNDL traded at $1.53 with a market cap of about $392.5M; the company reported $0.03 EPS (beats $0.01) but missed revenue estimates and remains unprofitable with a negative P/E and net margin.
• MarketBeat shows a consensus Hold rating with an average target of $5, while Weiss Ratings reiterated a "sell (d-)," and several institutions (e.g., JPMorgan, AdvisorShares, Winton, Man Group, BofA) have recently adjusted stakes.

SNDL Inc. (NASDAQ:SNDL - Get Free Report) was the recipient of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totaling 1,544,773 shares, a decrease of 28.2% from the March 15th total of 2,152,216 shares. Based on an average trading volume of 1,487,197 shares, the short-interest ratio is presently 1.0 days. Approximately 0.6% of the shares of the stock are short sold.

SNDL Price Performance

SNDL stock traded up $0.09 on Wednesday, reaching $1.53. The company's stock had a trading volume of 1,507,278 shares, compared to its average volume of 1,478,403. 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 has a market cap of $392.54 million, a price-to-earnings ratio of -38.13 and a beta of 0.81. The business's fifty day moving average price is $1.45 and its 200 day moving average price is $1.75. SNDL has a twelve month low of $1.15 and a twelve month high of $2.89.

SNDL (NASDAQ:SNDL - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. The company had revenue of $183.87 million for 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%. Equities analysts expect that SNDL will post -0.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of SNDL in a research 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 MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $5.00.

Hedge Funds Weigh In On SNDL

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. acquired a new position in SNDL in the third quarter worth $5,039,000. AdvisorShares Investments LLC boosted its stake in SNDL by 203.6% in the third quarter. AdvisorShares Investments LLC now owns 3,292,492 shares of the company's stock worth $8,824,000 after purchasing an additional 2,208,160 shares in the last quarter. WINTON GROUP Ltd boosted its stake in SNDL by 3,112.3% in the third quarter. WINTON GROUP Ltd now owns 354,508 shares of the company's stock worth $950,000 after purchasing an additional 343,472 shares in the last quarter. Man Group plc lifted its stake in shares of SNDL by 1,126.4% during the third quarter. Man Group plc now owns 463,588 shares of the company's stock valued at $1,242,000 after acquiring an additional 425,788 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of SNDL by 6.0% during the third quarter. Bank of America Corp DE now owns 369,369 shares of the company's stock valued at $990,000 after acquiring an additional 20,931 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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