SNDL (NASDAQ:SNDL) Stock Price Down 6.2% - Here's What Happened

Key Points

• SNDL Inc. saw its stock price drop 6.2% to close at $2.52, with trading volume down 51% from its average.
• The company reported a revenue of $179.78 million in its last quarter, falling short of the consensus estimate of $231.50 million.
• During the last few quarters, several large investors, including Mackenzie Financial and Quantbot Technologies, have made notable investments in SNDL, indicating shifting institutional interest.

Shares of SNDL Inc. (NASDAQ:SNDL - Get Free Report) were down 6.2% on Tuesday . The stock traded as low as $2.47 and last traded at $2.52. Approximately 1,109,588 shares were traded during trading, a decline of 51% from the average daily volume of 2,260,361 shares. The stock had previously closed at $2.68.

Wall Street Analyst Weigh In

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

SNDL Stock Performance

The firm's 50-day moving average price is $1.83 and its two-hundred day moving average price is $1.55. The firm has a market capitalization of $651.69 million, a PE ratio of -9.18 and a beta of 3.92. The company has a quick ratio of 3.36, a current ratio of 5.03 and a debt-to-equity ratio of 0.11.

SNDL (NASDAQ:SNDL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.05. The firm had revenue of $179.78 million for the quarter, compared to the consensus estimate 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, research analysts predict that SNDL Inc. will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SNDL

Several large investors have recently made changes to their positions in SNDL. Bank of America Corp DE lifted its position in SNDL by 36.0% during the 4th quarter. Bank of America Corp DE now owns 264,106 shares of the company's stock valued at $473,000 after purchasing an additional 69,919 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of SNDL in the 4th quarter valued at approximately $47,000. Tower Research Capital LLC TRC acquired a new stake in SNDL during the 4th quarter valued at $77,000. Mackenzie Financial Corp lifted its holdings in shares of SNDL by 735.7% during the first quarter. Mackenzie Financial Corp now owns 162,793 shares of the company's stock worth $230,000 after buying an additional 143,312 shares in the last quarter. Finally, State of Wyoming increased its position in shares of SNDL by 43.9% in the fourth quarter. State of Wyoming now owns 568,184 shares of the company's stock worth $1,017,000 after purchasing an additional 173,409 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.