SNDL (NASDAQ:SNDL) Hits New 52-Week High - Here's What Happened

Key Points

• SNDL Inc. (NASDAQ:SNDL) shares reached a new 52-week high of $2.84 during mid-day trading, closing at $2.80 with a trading volume of over 2 million shares.
• Analysts have mixed opinions on SNDL, with Wall Street Zen downgrading the stock from a "buy" to a "hold" rating, while Alliance Global Partners set a price target of $5.00.
• The company reported a quarterly earnings per share of $0.01, exceeding estimates but generating revenue of $179.78 million against expectations of $231.50 million.

Shares of SNDL Inc. (NASDAQ:SNDL - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $2.84 and last traded at $2.80, with a volume of 2086508 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

A number of research analysts have commented on SNDL shares. Wall Street Zen lowered SNDL from a "buy" rating to a "hold" rating in a research report on Saturday, October 4th. Alliance Global Partners assumed coverage on SNDL in a report on Wednesday, September 3rd. They set a "buy" rating and a $5.00 price objective for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of SNDL in a research report on Wednesday. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, SNDL currently has a consensus rating of "Hold" and an average price target of $4.50.

SNDL Price Performance

The company's 50 day simple moving average is $2.32 and its 200 day simple moving average is $1.70. The stock has a market cap of $739.73 million, a P/E ratio of -10.43 and a beta of 3.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.03 and a quick ratio of 3.36.

SNDL (NASDAQ:SNDL - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.05. SNDL had a negative return on equity of 8.58% and a negative net margin of 10.38%.The firm had revenue of $179.78 million for the quarter, compared to analyst estimates of $231.50 million. As a group, equities analysts forecast that SNDL Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On SNDL

A number of large investors have recently added to or reduced their stakes in SNDL. Bank of America Corp DE grew its holdings in shares of SNDL by 36.0% during the fourth quarter. Bank of America Corp DE now owns 264,106 shares of the company's stock worth $473,000 after buying an additional 69,919 shares in the last quarter. Mackenzie Financial Corp grew its position in SNDL by 735.7% in the first quarter. Mackenzie Financial Corp now owns 162,793 shares of the company's stock valued at $230,000 after purchasing an additional 143,312 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in SNDL by 17.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 424,317 shares of the company's stock valued at $598,000 after buying an additional 62,004 shares during the last quarter. State of Wyoming boosted its stake in shares of SNDL by 14.5% during the 1st quarter. State of Wyoming now owns 650,510 shares of the company's stock worth $917,000 after buying an additional 82,326 shares during the last quarter. Finally, Quantbot Technologies LP increased its position in shares of SNDL by 815.0% in the first quarter. Quantbot Technologies LP now owns 21,667 shares of the company's stock valued at $31,000 after acquiring an additional 19,299 shares during the last quarter.

SNDL Company Profile

SNDL Inc engages in the production, distribution, and sale of cannabis products in Canada. The company operates through Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments segments. It engages in the cultivation, distribution, and sale of cannabis for the adult-use and medical markets; sells wines, beers, and spirits through wholly owned liquor stores; and private sale of recreational cannabis through wholly owned and franchised retail cannabis stores.

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