SNDL Stock News: Sundial Growers tumbles over 5% amid risk-off mood
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CLAIM OFFER- NASDAQ:SNDL kept falling on Thursday, tades at YTD lows.
- Analysts continue to assess the cannabis industry with some new upgrades and downgrades.
- Things are still positive for Sundial despite its struggling stock.
Update: SNDL stock accelerated its gradual downtrend on Thursday and tumbled nearly 5.50% to settle at the lowest level since November 2020 at $0.3461. The main catalyst behind the decline was the Wall Street sell-off, as risk-aversion gripped the financial markets on resurfacing global growth fears. More hawkish than expected European Central Bank (ECB), in a bid to the inflation monster, triggered nerves about recessionary risks and weighed on the overall market mood. Investors also remained cautious ahead of Friday’s critical US inflation data.
NASDAQ:SNDL looked to be outperforming the broader markets on Wednesday, before a late-session collapse sent the stock tumbling into the closing bell. Shares of SNDL dropped by a further 3.40% and closed the trading day at $0.37. Stocks were on the retreat on Wednesday as investors weighed signs that the economy still looks to be slowing down. All eyes will be on the CPI report for the month of May which is released on Friday. On Wednesday, the Dow Jones fell by 269 basis points, the S&P 500 dropped lower by 1.08%, and the NASDAQ sank by 0.73% during the session.
Stay up to speed with hot stocks' news!
Sundial received a slight downgrade from Zack’s Investment Research firm on Wednesday, who moved the stock from a Buy rating to a Hold rating. The move comes days after an analyst at ATB Capital Markets upgraded Sundial to an Outperform rating. Sundial rival Aurora Cannabis (NASDAQ:ACB) received an upgrade from a Sell rating to a Hold rating with a trimmed price target of $2.15. Finally, BMO Capital Markets downgraded another Canadian cannabis company Canopy Growth (NASDAQ:CGC), from a Market Perform rating to an Underperform rating.
Sundial stock forecast
Despite Sundial’s recent losing streak, things are still positive for the company on the business side of things. The company has a healthy balance sheet with no debt, and was one of the only meme stocks to properly take advantage of its suddenly elevated price. Sundial’s recent purchase of liquor distributor Alcanna, should begin to reflect in the company’s revenues by next quarter. Analysts in the industry still believe Sundial could make another acquisition as the Canadian cannabis sector continues to see consolidation.
Previous Updates
Update: SNDL stock shed 5.4% on Thursday and settled at $0.35, one cent away from its YTD low of $0.34. Wall Street sold off after the European Central Bank monetary policy decision. The ECB upwardly revised its inflation forecast and downwardly revised growth ones, but chose a 25 bps rate hike for July. Policymakers also anticipated further highs afterwards but did not clarify the scale. The Dow Jones Industrial Average fell 638 points, while the S&P 500 shed 2.14%. The Nasdaq Composite was the worst performer, down 2.75%.
The focus will be on US inflation on Friday, as the country will release the May Consumer Price Index, foreseen stable at 8.3% YoY. However, the White House warned on Wednesday that the government expects inflation numbers to be “elevated.”
Update: SNDL stock droped 1.8% to $0.36 on Thursday alongside a general market sell-off. All three major indices were in the read one hour into the session, and the risky-on Nasdaq was down 0.2%. Often when Sundial Growers lacks any news flow, the SNDL share price lags. Sundial Growers stock price is now nearing the low of May 12 at $0.3421. This was the lowest low since November 2020, when shares richoted between $0.25 and $0.37.
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- NASDAQ:SNDL kept falling on Thursday, tades at YTD lows.
- Analysts continue to assess the cannabis industry with some new upgrades and downgrades.
- Things are still positive for Sundial despite its struggling stock.
Update: SNDL stock accelerated its gradual downtrend on Thursday and tumbled nearly 5.50% to settle at the lowest level since November 2020 at $0.3461. The main catalyst behind the decline was the Wall Street sell-off, as risk-aversion gripped the financial markets on resurfacing global growth fears. More hawkish than expected European Central Bank (ECB), in a bid to the inflation monster, triggered nerves about recessionary risks and weighed on the overall market mood. Investors also remained cautious ahead of Friday’s critical US inflation data.
NASDAQ:SNDL looked to be outperforming the broader markets on Wednesday, before a late-session collapse sent the stock tumbling into the closing bell. Shares of SNDL dropped by a further 3.40% and closed the trading day at $0.37. Stocks were on the retreat on Wednesday as investors weighed signs that the economy still looks to be slowing down. All eyes will be on the CPI report for the month of May which is released on Friday. On Wednesday, the Dow Jones fell by 269 basis points, the S&P 500 dropped lower by 1.08%, and the NASDAQ sank by 0.73% during the session.
Stay up to speed with hot stocks' news!
Sundial received a slight downgrade from Zack’s Investment Research firm on Wednesday, who moved the stock from a Buy rating to a Hold rating. The move comes days after an analyst at ATB Capital Markets upgraded Sundial to an Outperform rating. Sundial rival Aurora Cannabis (NASDAQ:ACB) received an upgrade from a Sell rating to a Hold rating with a trimmed price target of $2.15. Finally, BMO Capital Markets downgraded another Canadian cannabis company Canopy Growth (NASDAQ:CGC), from a Market Perform rating to an Underperform rating.
Sundial stock forecast
Despite Sundial’s recent losing streak, things are still positive for the company on the business side of things. The company has a healthy balance sheet with no debt, and was one of the only meme stocks to properly take advantage of its suddenly elevated price. Sundial’s recent purchase of liquor distributor Alcanna, should begin to reflect in the company’s revenues by next quarter. Analysts in the industry still believe Sundial could make another acquisition as the Canadian cannabis sector continues to see consolidation.
Previous Updates
Update: SNDL stock shed 5.4% on Thursday and settled at $0.35, one cent away from its YTD low of $0.34. Wall Street sold off after the European Central Bank monetary policy decision. The ECB upwardly revised its inflation forecast and downwardly revised growth ones, but chose a 25 bps rate hike for July. Policymakers also anticipated further highs afterwards but did not clarify the scale. The Dow Jones Industrial Average fell 638 points, while the S&P 500 shed 2.14%. The Nasdaq Composite was the worst performer, down 2.75%.
The focus will be on US inflation on Friday, as the country will release the May Consumer Price Index, foreseen stable at 8.3% YoY. However, the White House warned on Wednesday that the government expects inflation numbers to be “elevated.”
Update: SNDL stock droped 1.8% to $0.36 on Thursday alongside a general market sell-off. All three major indices were in the read one hour into the session, and the risky-on Nasdaq was down 0.2%. Often when Sundial Growers lacks any news flow, the SNDL share price lags. Sundial Growers stock price is now nearing the low of May 12 at $0.3421. This was the lowest low since November 2020, when shares richoted between $0.25 and $0.37.
Like this article? Help us with some feedback by answering this survey:
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