SNDL (NASDAQ:SNDL) Sees Unusually-High Trading Volume – Still a Buy?

SNDL Inc. (NASDAQ:SNDL) shares saw unusually-strong trading volume on Wednesday . Approximately 2,027,681 shares were traded during mid-day trading, an increase of 2% from the previous session’s volume of 1,992,968 shares.The stock last traded at $1.92 and had previously closed at $1.75.

SNDL Trading Up 7.7 %

The firm’s 50-day moving average price is $1.82 and its 200 day moving average price is $1.98. The company has a market cap of $495.34 million, a price-to-earnings ratio of -6.08 and a beta of 3.11. The company has a current ratio of 5.61, a quick ratio of 4.16 and a debt-to-equity ratio of 0.10.

Institutional Trading of SNDL

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its holdings in shares of SNDL by 5.0% during the third quarter. Tidal Investments LLC now owns 6,510,961 shares of the company’s stock valued at $13,413,000 after acquiring an additional 311,642 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of SNDL by 138.7% in the second quarter. Millennium Management LLC now owns 2,080,069 shares of the company’s stock valued at $3,952,000 after purchasing an additional 1,208,556 shares in the last quarter. State Street Corp boosted its stake in SNDL by 1.5% in the third quarter. State Street Corp now owns 353,107 shares of the company’s stock valued at $727,000 after acquiring an additional 5,246 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in SNDL by 38.7% in the third quarter. Vontobel Holding Ltd. now owns 159,914 shares of the company’s stock valued at $329,000 after purchasing an additional 44,579 shares during the last quarter. Finally, Newman Dignan & Sheerar Inc. increased its position in SNDL by 18.4% in the fourth quarter. Newman Dignan & Sheerar Inc. now owns 64,420 shares of the company’s stock worth $115,000 after buying an additional 10,000 shares during the last quarter.

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.