SNDL (NASDAQ:SNDL) Shares Gap Up - Here's What Happened

Key Points

• SNDL Inc. shares gapped up, opening at $1.80 after previously closing at $1.68, with current trading at $1.94 and a significant volume of 6,954,750 shares.
• The company reported earnings of $0.01 EPS, surpassing the consensus estimate of ($0.04), despite having a negative net margin of 10.38%.
• Recent hedge fund activity shows increased investment in SNDL, with Connor Clark & Lunn Investment Management buying in for $30,000 and Quantbot Technologies increasing its holdings by 815%.

SNDL Inc. (NASDAQ:SNDL - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $1.68, but opened at $1.80. SNDL shares last traded at $1.94, with a volume of 6,954,750 shares.

SNDL Price Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.36 and a current ratio of 5.03. The firm has a market capitalization of $526.87 million, a price-to-earnings ratio of -7.43 and a beta of 3.57. The company's fifty day moving average price is $1.41 and its 200 day moving average price is $1.47.

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

Hedge Funds Weigh In On SNDL

Hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in SNDL during the 1st quarter worth approximately $30,000. Quantbot Technologies LP raised its holdings 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 purchasing an additional 19,299 shares during the last quarter. National Bank of Canada FI acquired a new position in SNDL during the fourth quarter worth $33,000. Mackenzie Financial Corp acquired a new position in SNDL during the fourth quarter worth $35,000. Finally, Two Sigma Advisers LP bought a new position in SNDL during the fourth quarter worth $47,000.

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.

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.