Saturday, June 25, 2022

The Attractiveness of Investing In Sundial Growers Inc. (SNDL) is Growing

BMO Capital Markets upgraded its Sundial Growers Inc. [SNDL] rating to a Market perform from a an Underperform in a research note published on Tuesday, May 03, 2022; the price target was increased to $0.70 from $0.60. PT values the company’s stock at a premium of 50.0 to its Tuesday closing price. A number of analysts have revised their coverage, including Canaccord Genuity’s analysts, who decreased its forecast for the stock in mid March from “a Hold” to “a Sell”. Cantor Fitzgerald began covering SNDL with a “Neutral” recommendation on March 10, 2021. BMO Capital Markets revised its rating on March 10, 2021. It rated SNDL as “an Underperform” which previously was an “a Market perform”.

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Price Performance Review of SNDL

On Tuesday, Sundial Growers Inc. [NASDAQ:SNDL] saw its stock jump 12.77% to $0.35. On the same session, the stock had its day’s lowest price of $0.324, but rose to a high of $0.356. Over the last five days, the stock has gained 17.73%. Sundial Growers Inc. shares have fallen nearly -38.91% since the year began. Nevertheless, the stocks have fallen -61.30% over the past one year. While a 52-week high of $1.06 was reached on 03/25/22, a 52-week low of $0.29 was recorded on 06/15/22. SMA at 50 days reached $0.4327, while 200 days put it at $0.5732. A total of 113.09 million shares were traded, compared to the trading of 65.66 million shares in the previous session.

Levels Of Support And Resistance For SNDL Stock

The 24-hour chart illustrates a support level at 0.3329, which if violated will result in even more drops to 0.3124. On the upside, there is a resistance level at 0.3649. A further resistance level may holdings at 0.3764. The Relative Strength Index (RSI) on the 14-day chart is 45.66, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.0222, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 39.62%. Stochastics %K at 33.48% indicates the stock is a holding.

How much short interest is there in Sundial Growers Inc.?

A steep rise in short interest was recorded in Sundial Growers Inc. stocks on Apr 28, 2022, dropping by -49.81 million shares to a total of 199.52 million shares. Yahoo Finance data shows the prior-month short interest on Mar 30, 2022 was 249.33 million shares. There was a decline of -24.96%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 8.35% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.92.

Sundial Growers Inc. [SNDL] – Who Are The Largest Shareholders?

In filings from ETF Managers Group LLC, it is revealed that the company now owns 77,507,849 shares, or roughly 3.24% of the outstanding SNDL shares. In other words, the investor’s shares have risen by 47,996,812 from its previous 13-F filing of 29511037.0. Additionally, D. E. Shaw & Co. LP increased 315.11% of its stake after which the total value it holdings stand at $13,244,267, while Global X Management Co. LLC reduced -11.91% of its stake to hold $5.54 million in the firm. Over the last quarter, Susquehanna Financial Group LLLP sold -8,123,552 shares of Sundial Growers Inc., while Horizons ETFs Management sold 9,393,412 shares. At present, Morgan Stanley & Co. LLC is holding 2,401,235 shares valued at $0.94 million. SSgA Funds Management, Inc. owned 2,337,531 shares of the company at the time of its most recent 13F filing, worth $0.92 million.

According to FactSet, Sundial Growers Inc.’s share price will average $0.77 in the next year, based on opinions of analysts polled by the firm. This is up nearly 106.45 percent from its previous closing price of $0.31. Analysts expect Sundial Growers Inc. stock to reach the higher price of $1.05, while the lowest price estimate is $0.63. However, 4 analysts have rated SNDL stock as a Hold in their predictions for 2022.

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