- NASDAQ:SNDL fell by 4.66% during Tuesday’s trading session.
- Canopy Growth fell by 8.3% on Tuesday after another analyst downgrade.
- Sundial received a recent upgrade from BMO Capital.
UPDATE: Sundial Growers (SNDL) stock is trying to turn around the current down week on hump day. One hour into Wednesday, shares are climbing 1.6% higher at $0.3890. The important thing to note is that Tuesday also saw a morning rally that quickly dissipated in the afternoon. At the moment the Nasdaq Composite is up just over 1%, so risk appears to be back on after the dismal performances of Monday and Tuesday. If bulls want SNDL to go anywhere, they will have to conclusively surmount $0.40, which has recently acted as resistance. Above there they might even make a run for $0.4435, the high point from last Friday. Otherwise, it is back to $0.35, the May 12 low, for this puppy.
NASDAQ:SNDL extended its recent losing streak to four straight sessions as the Canadian cannabis stock approaches its 52-week low price of $0.34. On Tuesday, shares of SNDL fell by a further 4.66% and closed the trading day at $0.38. It was another eventful day on the US markets, as major losses for the Dow Jones were reversed by the closing bell. Tech stocks, particularly in the ad-tech sector, tumbled as a warning from Snap (NYSE:SNAP) resulted in a major sell-off for the industry. On Tuesday, the Dow Jones managed to gain 48 basis points, the S&P 500 dropped by 0.81%, and the NASDAQ led the way lower by 2.35% during the session.
Stay up to speed with hot stocks' news!
A major domestic rival in Canada, Canopy Growth (NASDAQ:CGC), extended its own sell off after falling by 8.3% on Tuesday. The drop follows another analyst downgrade for the stock from Canadian investment research firm, Canaccord. The firm downgraded the Canadian version of Canopy’s stock from $10.00 to $6.00. Canopy has seen a number of downgrades as of late including ones from analysts at Bank of America, Stifel Nicolaus, and Canadian bank CIBC.
Sundial stock price
Sundial itself saw a recent price upgrade from BMO Capital as the Canadian investment firm maintained a Market Perform rating and raised the price target to $0.50. The analyst raised the price target following Sundial’s recent earnings report, and noted that its healthy financial balance sheet is a positive catalyst for the company.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.