Wall Street Zen Downgrades SNDL (NASDAQ:SNDL) to Hold

SNDL (NASDAQ:SNDL) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the stock. Alliance Global Partners initiated coverage on shares of SNDL in a research note on Wednesday, September 3rd. They issued a “buy” rating and a $5.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of SNDL in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $4.50.

SNDL Stock Performance

Shares of SNDL stock opened at $2.58 on Friday. The stock has a fifty day moving average price of $2.25 and a 200 day moving average price of $1.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.36 and a current ratio of 5.03. The stock has a market cap of $677.97 million, a PE ratio of -9.56 and a beta of 3.83. SNDL has a 1 year low of $1.15 and a 1 year high of $2.79.

SNDL (NASDAQ:SNDL) last posted its earnings results on Thursday, July 31st. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. The company had revenue of $179.78 million for the quarter, compared to analyst estimates of $231.50 million. SNDL had a negative return on equity of 8.58% and a negative net margin of 10.38%. Sell-side analysts forecast that SNDL will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of SNDL

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its position in shares of SNDL by 7.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,853,517 shares of the company’s stock worth $5,873,000 after buying an additional 338,278 shares during the period. Tidal Investments LLC increased its stake in SNDL by 2.5% during the second quarter. Tidal Investments LLC now owns 7,272,668 shares of the company’s stock worth $8,800,000 after acquiring an additional 178,622 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of SNDL by 78.3% in the 2nd quarter. Qube Research & Technologies Ltd now owns 354,965 shares of the company’s stock worth $430,000 after purchasing an additional 155,854 shares during the period. Mackenzie Financial Corp lifted its stake in shares of SNDL by 735.7% in the 1st quarter. Mackenzie Financial Corp now owns 162,793 shares of the company’s stock valued at $230,000 after purchasing an additional 143,312 shares in the last quarter. Finally, R Squared Ltd grew its holdings in shares of SNDL by 296.1% during the 2nd quarter. R Squared Ltd now owns 140,681 shares of the company’s stock worth $170,000 after purchasing an additional 105,161 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.