SNDL (NASDAQ:SNDL) Trading Down 4.7% - Here's Why

Key Points

• SNDL Inc. shares experienced a decline of 4.7%, trading at $2.35 amid a reduced trading volume of approximately 1.55 million shares.
• Analysts from Alliance Global Partners have set a buy rating on SNDL with a target price of $5.00, while the average target price among analysts stands at $4.50.
• The company reported earnings of $0.01 EPS, exceeding estimates, but fell short on revenue expectations with $179.78 million compared to the forecast of $231.50 million.

SNDL Inc. (NASDAQ:SNDL - Get Free Report) shares dropped 4.7% during mid-day trading on Friday . The stock traded as low as $2.35 and last traded at $2.35. Approximately 1,554,464 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 2,342,760 shares. The stock had previously closed at $2.46.

Analysts Set New Price Targets

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

SNDL Trading Down 5.3%

The company has a market cap of $612.28 million, a price-to-earnings ratio of -8.63 and a beta of 3.92. The firm has a 50-day moving average price of $2.13 and a 200 day moving average price of $1.63. The company has a current ratio of 5.03, a quick ratio of 3.36 and a debt-to-equity ratio of 0.11.

SNDL (NASDAQ:SNDL - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.01 EPS for the quarter, topping the consensus estimate 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 company had revenue of $179.78 million during the quarter, compared to analyst estimates of $231.50 million. As a group, sell-side analysts forecast that SNDL Inc. will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC boosted its position in SNDL by 3.7% during the 1st quarter. OneDigital Investment Advisors LLC now owns 210,688 shares of the company's stock valued at $297,000 after purchasing an additional 7,558 shares during the period. SkyView Investment Advisors LLC boosted its position in SNDL by 4.5% during the 2nd quarter. SkyView Investment Advisors LLC now owns 288,301 shares of the company's stock valued at $355,000 after purchasing an additional 12,467 shares during the period. National Bank of Canada FI boosted its position in SNDL by 102.7% during the 1st quarter. National Bank of Canada FI now owns 37,231 shares of the company's stock valued at $52,000 after purchasing an additional 18,864 shares during the period. Quantbot Technologies LP boosted its position in SNDL by 815.0% during the 1st 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 period. Finally, Mackenzie Financial Corp acquired a new position in SNDL during the 4th quarter valued at approximately $35,000.

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.

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