SNDL (NASDAQ:SNDL) Trading 2% Higher - Here's What Happened

SNDL Inc. (NASDAQ:SNDL - Get Free Report)'s share price traded up 2% during mid-day trading on Thursday . The company traded as high as $1.29 and last traded at $1.28. 1,102,764 shares changed hands during trading, a decline of 44% from the average session volume of 1,953,468 shares. The stock had previously closed at $1.25.

Analysts Set New Price Targets

Separately, ATB Capital increased their price objective on shares of SNDL from $3.50 to $4.00 in a research report on Wednesday, March 19th.

SNDL Trading Up 2.0%

The company has a 50-day moving average of $1.31 and a 200 day moving average of $1.53. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.62 and a quick ratio of 3.12. The company has a market cap of $335.04 million, a PE ratio of -4.40 and a beta of 3.40.

SNDL (NASDAQ:SNDL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $142.38 million during the quarter, compared to analyst estimates of $214.60 million. SNDL had a negative return on equity of 9.02% and a negative net margin of 11.48%. Analysts predict that SNDL Inc. will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Cannell Capital LLC lifted its holdings in shares of SNDL by 23.6% in the 4th quarter. Cannell Capital LLC now owns 10,176,305 shares of the company's stock worth $18,216,000 after acquiring an additional 1,945,045 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in SNDL in the 4th quarter worth about $7,357,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in SNDL by 41.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,095,205 shares of the company's stock worth $3,750,000 after purchasing an additional 612,495 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in SNDL in the fourth quarter worth about $2,236,000. Finally, Invesco Ltd. boosted its position in shares of SNDL by 1.3% during the fourth quarter. Invesco Ltd. now owns 806,812 shares of the company's stock valued at $1,444,000 after buying an additional 10,134 shares during the period.

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.

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