SNDL Inc. (NASDAQ:SNDL) Sees Significant Increase in Short Interest

SNDL Inc. (NASDAQ:SNDL) was the target of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 2,152,216 shares, a growth of 25.6% from the February 26th total of 1,713,567 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average trading volume of 1,155,492 shares, the days-to-cover ratio is presently 1.9 days.

SNDL Stock Up 2.7%

SNDL stock traded up $0.04 during midday trading on Tuesday, hitting $1.33. The stock had a trading volume of 860,186 shares, compared to its average volume of 1,473,324. SNDL has a 52-week low of $1.15 and a 52-week high of $2.89. The firm has a market cap of $341.06 million, a price-to-earnings ratio of -33.13 and a beta of 0.72. The business has a 50-day moving average of $1.50 and a two-hundred day moving average of $1.84. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.88 and a quick ratio of 3.47.

SNDL (NASDAQ:SNDL) last issued its earnings results on Thursday, March 12th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. The business had revenue of $183.87 million during the quarter, compared to analysts’ expectations of $257.97 million. SNDL had a negative net margin of 1.64% and a negative return on equity of 1.42%. As a group, equities research analysts forecast that SNDL will post -0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership lifted its position in SNDL by 718.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,622,786 shares of the company’s stock worth $12,325,000 after buying an additional 4,057,790 shares during the last quarter. AdvisorShares Investments LLC lifted its holdings in shares of SNDL by 203.6% in the 3rd quarter. AdvisorShares Investments LLC now owns 3,292,492 shares of the company’s stock worth $8,824,000 after acquiring an additional 2,208,160 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of SNDL during the 3rd quarter worth about $5,039,000. HRT Financial LP bought a new position in SNDL during the 4th quarter valued at about $1,346,000. Finally, Lazard Asset Management LLC bought a new position in SNDL during the 3rd quarter valued at about $2,130,000.

About SNDL

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.