SNDL (NASDAQ:SNDL) Trading 5.2% Higher - What's Next?

Key Points

• SNDL Inc. shares increased by 5.2% during mid-day trading, reaching a high of $2.17, but with a significant drop in trading volume compared to the average.
• The company reported quarterly earnings of $0.01 EPS, surpassing expectations, although revenue fell short of estimates at $179.78 million.
• Several hedge funds have increased their stakes in SNDL, with Tidal Investments LLC and BNP Paribas Financial Markets increasing their holdings by 2.5% and 7.5% respectively in the second quarter.

SNDL Inc. (NASDAQ:SNDL - Get Free Report)'s share price traded up 5.2% during mid-day trading on Monday . The stock traded as high as $2.17 and last traded at $2.13. 549,166 shares were traded during trading, a decline of 74% from the average session volume of 2,117,142 shares. The stock had previously closed at $2.02.

SNDL Trading Up 6.7%

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's fifty day simple moving average is $1.48 and its 200-day simple moving average is $1.49. The stock has a market cap of $566.29 million, a P/E ratio of -8.02 and a beta of 3.57.

SNDL (NASDAQ:SNDL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.05. The firm had revenue of $179.78 million during 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%. Equities research analysts expect that SNDL Inc. will post -0.09 EPS for the current fiscal year.

Institutional Trading of SNDL

Several hedge funds have recently modified their holdings of the stock. Tidal Investments LLC increased its stake in shares of SNDL by 2.5% in the 2nd 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 increased its stake in SNDL by 7.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,853,517 shares of the company's stock valued at $5,873,000 after purchasing an additional 338,278 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in SNDL by 41.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,095,205 shares of the company's stock valued at $3,750,000 after purchasing an additional 612,495 shares in the last quarter. Invesco Ltd. increased its stake in SNDL by 1.3% during the 4th quarter. Invesco Ltd. now owns 806,812 shares of the company's stock valued at $1,444,000 after purchasing an additional 10,134 shares in the last quarter. Finally, State of Wyoming increased its stake in SNDL by 14.5% during the 1st quarter. State of Wyoming now owns 650,510 shares of the company's stock valued at $917,000 after purchasing an additional 82,326 shares in the last quarter.

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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