SNDL (NASDAQ:SNDL) Reaches New 1-Year High Following Analyst Upgrade

Key Points

• SNDL Inc. shares reached a new 52-week high of $2.78 after its rating was upgraded from hold to buy by Wall Street Zen.
• Alliance Global Partners also initiated coverage with a buy rating and a price target of $5.00, contributing to a positive outlook for the stock.
• Multiple hedge funds, including BNP Paribas and Tidal Investments, significantly increased their stakes in SNDL during the second quarter, indicating growing institutional interest.

SNDL Inc. (NASDAQ:SNDL - Get Free Report)'s share price hit a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $2.78 and last traded at $2.78, with a volume of 4365282 shares traded. The stock had previously closed at $2.33.

Separately, Alliance Global Partners assumed coverage on shares of SNDL in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $5.00 price objective on the stock. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $4.50.

Hedge Funds Weigh In On SNDL

Institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its stake in SNDL by 7.5% in the second quarter. BNP Paribas Financial Markets now owns 4,853,517 shares of the company's stock valued at $5,873,000 after buying an additional 338,278 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of SNDL by 2.5% during the second quarter. Tidal Investments LLC now owns 7,272,668 shares of the company's stock valued at $8,800,000 after purchasing an additional 178,622 shares during the period. Qube Research & Technologies Ltd increased its holdings in shares of SNDL by 78.3% during the second quarter. Qube Research & Technologies Ltd now owns 354,965 shares of the company's stock valued at $430,000 after purchasing an additional 155,854 shares during the period. Mackenzie Financial Corp increased its holdings in shares of SNDL by 735.7% during 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 during the period. Finally, R Squared Ltd increased its holdings in shares of SNDL by 296.1% during the second quarter. R Squared Ltd now owns 140,681 shares of the company's stock valued at $170,000 after purchasing an additional 105,161 shares during the period.

SNDL Trading Up 18.2%

The business has a fifty day moving average of $2.15 and a 200-day moving average of $1.64. The stock has a market capitalization of $723.96 million, a price-to-earnings ratio of -10.20 and a beta of 3.92. 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 issued its quarterly earnings results on Thursday, July 31st. The company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $231.50 million. On average, equities analysts anticipate that SNDL Inc. will post -0.09 earnings per share for the current fiscal year.

About SNDL

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.