SNDL (NASDAQ:SNDL) Stock Price Down 7.6% - Here's Why

Key Points

• SNDL Inc. shares fell by 7.6% to $2.61 during mid-day trading, with a trading volume decline of 13% compared to average levels.
• Research ratings for SNDL vary, with one firm suggesting a buy rating at a $5.00 price target, while another downgraded it to hold and a third reaffirmed a sell rating.
• The company reported earnings of $0.01 per share, exceeding estimates, but its revenue of $179.78 million fell short of the $231.50 million forecasted by analysts.

SNDL Inc. (NASDAQ:SNDL - Get Free Report) fell 7.6% during mid-day trading on Friday . The stock traded as low as $2.63 and last traded at $2.61. 2,172,681 shares changed hands during trading, a decline of 13% from the average session volume of 2,486,693 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNDL. Alliance Global Partners began coverage on shares of SNDL in a research report on Wednesday, September 3rd. They set a "buy" rating and a $5.00 price target on the stock. Wall Street Zen lowered shares of SNDL from a "buy" rating to a "hold" rating in a research report on Saturday, October 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SNDL in a research report on Wednesday. One equities 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, the company currently has an average rating of "Hold" and an average price target of $4.50.

SNDL Price Performance

The company has a market capitalization of $679.29 million, a P/E ratio of -9.61 and a beta of 3.83. The company's 50-day moving average price is $2.34 and its two-hundred day moving average price is $1.71. 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 data on Thursday, July 31st. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. The company had revenue of $179.78 million for the quarter, compared to analyst estimates of $231.50 million. SNDL had a negative net margin of 10.38% and a negative return on equity of 8.58%. As a group, sell-side analysts expect that SNDL Inc. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On SNDL

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC grew its stake in shares of SNDL by 2.5% in the second quarter. Tidal Investments LLC now owns 7,272,668 shares of the company's stock valued at $8,800,000 after acquiring an additional 178,622 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of 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 acquiring an additional 338,278 shares in the last quarter. State of Wyoming grew its stake in shares of SNDL by 14.5% in the first quarter. State of Wyoming now owns 650,510 shares of the company's stock valued at $917,000 after acquiring an additional 82,326 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of SNDL by 17.1% in the first quarter. Goldman Sachs Group Inc. now owns 424,317 shares of the company's stock valued at $598,000 after acquiring an additional 62,004 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of SNDL by 78.3% in the second quarter. Qube Research & Technologies Ltd now owns 354,965 shares of the company's stock valued at $430,000 after acquiring an additional 155,854 shares in 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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