SNDL (NASDAQ:SNDL) Shares Up 6.4% - Time to Buy?

Key Points

• SNDL Inc. shares rose by 6.4%, reaching a last traded price of $2.40, despite a decrease in trading volume by 41% compared to the average.
• The company reported a $0.01 EPS for the last quarter, exceeding analysts' expectations, but had a revenue of $179.78 million, falling short of the forecast.
• Institutional investors are actively adjusting their stakes in SNDL, with notable increases from Tidal Investments LLC and BNP Paribas Financial Markets, reflecting growing interest in the stock.

SNDL Inc. (NASDAQ:SNDL - Get Free Report)'s stock price traded up 6.4% during trading on Monday . The company traded as high as $2.39 and last traded at $2.40. 1,267,293 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 2,161,772 shares. The stock had previously closed at $2.25.

SNDL Stock Performance

The firm's 50 day moving average price is $1.70 and its 200-day moving average price is $1.53. The firm has a market cap of $704.25 million, a price-to-earnings ratio of -9.93 and a beta of 3.57. 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 posted its quarterly earnings results on Thursday, July 31st. The company reported $0.01 earnings per share for the quarter, topping 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%. On average, analysts anticipate that SNDL Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On SNDL

Institutional investors and hedge funds have recently modified their holdings of the business. 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 worth $355,000 after acquiring an additional 12,467 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of SNDL by 54.5% during the 2nd quarter. Corient Private Wealth LLC now owns 60,728 shares of the company's stock worth $73,000 after purchasing an additional 21,414 shares in the last quarter. Tidal Investments LLC raised its stake in shares of SNDL by 2.5% during the 2nd quarter. Tidal Investments LLC now owns 7,272,668 shares of the company's stock worth $8,800,000 after purchasing an additional 178,622 shares in the last quarter. Oxford Asset Management LLP bought a new stake in shares of SNDL during the 2nd quarter worth approximately $44,000. Finally, Hilton Capital Management LLC bought a new stake in shares of SNDL during the 2nd quarter worth approximately $30,000.

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.