SNDL Stock Forecast: Sundial Growers dips as meme sector continues to struggle
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- NASDAQ: SNDL fell by 3.18% during Friday’s trading session.
- The cannabis industry has potential, but legalization hasn’t been easy.
- Meme stocks have a tough week as market volatility continues.
NASDAQ: SNDL could not hold its recent support level as it gave into the broader market sell off that hit in the abbreviated session after the Thanksgiving holiday. Shares of SNDL fell by 3.18% and closed the trading week at $0.65. Despite some indications of growth following a stronger than expected quarter, Sundial still fell by nearly 14% this week, and is now flat for the month. Sundial’s dip on Friday came as no surprise as the sudden breakout of the Omicron Variant of the coronavirus sent the markets reeling. The Dow Jones tumbled by over 900 basis points, while the NASDAQ and the S&P 500 fell by 2.23% and 2.27% respectively. At the session lows the Dow was down over 1,000 basis points, making it the single largest drop by the blue-chip index in 2021.
Stay up to speed with hot stocks' news!
Cannabis legalization in the United States hasn’t been an easy hill to climb, even after the Biden administration entered the Oval Office. South Dakota’s Supreme Court recently overturned a legalization ballot for cannabis, and other states are not gaining much traction either. For the states that have legalized cannabis, pandemic revenues soared as many people had the ability to safely use cannabis products in their homes. Cannabis remains a volatile industry, although given that cannabis stocks are currently beaten down, it may offer a nice buying opportunity moving forward.
SNDL stock news
A highly volatile week on the markets led to some more pain for meme stock investors. After a recent surge, GameStop (NYSE:GME) and AMC (NYSE:AMC) both closed in the red, losing 4.50% and 6.58% respectively over the past week. Other meme stocks falling on Friday included Sundial Growers, ContextLogic (NASDAQ:WISH), and Vinco Ventures (NASDAQ:BBIG).
- NASDAQ: SNDL fell by 3.18% during Friday’s trading session.
- The cannabis industry has potential, but legalization hasn’t been easy.
- Meme stocks have a tough week as market volatility continues.
NASDAQ: SNDL could not hold its recent support level as it gave into the broader market sell off that hit in the abbreviated session after the Thanksgiving holiday. Shares of SNDL fell by 3.18% and closed the trading week at $0.65. Despite some indications of growth following a stronger than expected quarter, Sundial still fell by nearly 14% this week, and is now flat for the month. Sundial’s dip on Friday came as no surprise as the sudden breakout of the Omicron Variant of the coronavirus sent the markets reeling. The Dow Jones tumbled by over 900 basis points, while the NASDAQ and the S&P 500 fell by 2.23% and 2.27% respectively. At the session lows the Dow was down over 1,000 basis points, making it the single largest drop by the blue-chip index in 2021.
Stay up to speed with hot stocks' news!
Cannabis legalization in the United States hasn’t been an easy hill to climb, even after the Biden administration entered the Oval Office. South Dakota’s Supreme Court recently overturned a legalization ballot for cannabis, and other states are not gaining much traction either. For the states that have legalized cannabis, pandemic revenues soared as many people had the ability to safely use cannabis products in their homes. Cannabis remains a volatile industry, although given that cannabis stocks are currently beaten down, it may offer a nice buying opportunity moving forward.
SNDL stock news
A highly volatile week on the markets led to some more pain for meme stock investors. After a recent surge, GameStop (NYSE:GME) and AMC (NYSE:AMC) both closed in the red, losing 4.50% and 6.58% respectively over the past week. Other meme stocks falling on Friday included Sundial Growers, ContextLogic (NASDAQ:WISH), and Vinco Ventures (NASDAQ:BBIG).
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.