Short Interest in SNDL Inc. (NASDAQ:SNDL) Decreases By 28.2%

SNDL Inc. (NASDAQ:SNDL) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totaling 1,544,773 shares, a drop of 28.2% from the March 15th total of 2,152,216 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average daily volume of 1,487,197 shares, the short-interest ratio is currently 1.0 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of SNDL in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, SNDL currently has an average rating of “Hold” and an average target price of $5.00.

Institutional Investors Weigh In On SNDL

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. bought a new stake in SNDL during the third quarter valued at approximately $5,039,000. AdvisorShares Investments LLC lifted its position in SNDL by 203.6% during the third quarter. AdvisorShares Investments LLC now owns 3,292,492 shares of the company’s stock valued at $8,824,000 after purchasing an additional 2,208,160 shares during the last quarter. WINTON GROUP Ltd lifted its position in SNDL by 3,112.3% during the third quarter. WINTON GROUP Ltd now owns 354,508 shares of the company’s stock valued at $950,000 after purchasing an additional 343,472 shares during the last quarter. Graham Capital Management L.P. bought a new stake in SNDL during the fourth quarter valued at approximately $222,000. Finally, SkyView Investment Advisors LLC lifted its position in SNDL by 4.5% during the second 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 last quarter.

SNDL Price Performance

SNDL stock opened at $1.51 on Friday. The firm has a 50 day moving average of $1.45 and a 200-day moving average of $1.75. The company has a current ratio of 4.88, a quick ratio of 3.47 and a debt-to-equity ratio of 0.12. SNDL has a 12 month low of $1.15 and a 12 month high of $2.89. The firm has a market capitalization of $388.67 million, a P/E ratio of -37.75 and a beta of 0.81.

SNDL (NASDAQ:SNDL) last released its quarterly earnings data on Thursday, March 12th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. SNDL had a negative net margin of 1.64% and a negative return on equity of 1.42%. The company had revenue of $183.87 million during the quarter, compared to analyst estimates of $257.97 million. As a group, sell-side analysts predict that SNDL will post -0.09 earnings per share for the current fiscal year.

SNDL Company Profile

SNDL Inc, formerly known as Sundial Growers Inc, is a Canada-based consumer packaged goods company focused on the production, manufacturing and distribution of cannabis products. Headquartered in Calgary, Alberta, SNDL operates multiple cultivation and processing facilities across Canada, including indoor and hybrid greenhouses in British Columbia and Ontario. The company serves both adult-use and medical cannabis markets, supplying provincial distributors as well as operating through its own wholesale and retail networks.

The company’s product portfolio spans dried flower, pre-rolls, vape cartridges, cannabis oils, edibles and infused beverages under a variety of in-house brands.