SNDL (NASDAQ:SNDL) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

SNDL Inc. (NASDAQ:SNDL)’s share price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $1.38 and traded as low as $1.37. SNDL shares last traded at $1.37, with a volume of 504,828 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of SNDL from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 31st. Weiss Ratings raised shares of SNDL from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 26th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

SNDL Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 3.92 and a quick ratio of 2.34. The stock has a market capitalization of $352.64 million, a P/E ratio of -8.06 and a beta of 0.98. The company has a 50 day simple moving average of $1.32 and a 200-day simple moving average of $1.38.

SNDL (NASDAQ:SNDL) last announced its quarterly earnings data on Tuesday, October 27th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). SNDL had a negative return on equity of 1.68% and a negative net margin of 6.39%. The firm had revenue of $167.18 million during the quarter, compared to analysts’ expectations of $164.18 million. On average, equities analysts forecast that SNDL Inc. will post -0.20 EPS for the current year.

Hedge Funds Weigh In On SNDL

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cannell Capital LLC purchased a new stake in shares of SNDL during the 2nd quarter valued at approximately $11,663,164. Man Group plc bought a new position in SNDL in the 2nd quarter worth approximately $1,228,000. State of Wyoming boosted its holdings in SNDL by 739.3% in the 3rd quarter. State of Wyoming now owns 1,461,165 shares of the company’s stock worth $1,885,000 after buying an additional 1,287,074 shares during the period. Renaissance Technologies LLC bought a new position in SNDL in the 1st quarter worth approximately $795,000. Finally, OneDigital Investment Advisors LLC purchased a new position in SNDL in the 2nd quarter valued at approximately $790,000.

About SNDL

SNDL Inc. is a Canadian cannabis and liquor company headquartered in Calgary, Alberta. Formerly known as Sundial Growers, the company changed its name to SNDL in 2022 and operates across cannabis production, cannabis retail and liquor retail. Its cannabis business cultivates and processes cannabis and sells products under brands including Sundial and Top Leaf. SNDL also operates Canadian cannabis retail stores through banners such as Value Buds and Spiritleaf. The company’s liquor business includes retail banners such as Ace Liquor, Liquor Depot and Wine and Beyond.