SNDL Stock Forecast: Sundial Growers sinks as stock consolidation vote chases investors
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 all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADE- NASDAQ:SNDL fell by 6.16% during Friday’s trading session.
- Sundial’s announcement of a reverse split is chasing away its investors.
- Cannabis stocks retreat on Friday after a hot start to the week.
NASDAQ:SNDL sank lower to close out the week following an after hours announcement that was long expected from shareholders. On Friday, shares of SNDL dropped by 6.16% and closed the trading week at $0.34. A hotter than expected jobs report for the month of June dashed imminent fears of a recession amongst investors. The major averages were still mixed as the NASDAQ posted its fifth straight positive session on the back of another strong day from big tech stocks. Overall, the Dow Jones fell by 46 basis points, the S&P 500 inched lower by 0.08%, and the NASDAQ gained 0.12% during the session.
Stay up to speed with hot stocks' news!
Sundial’s after hours announcement of a reverse split was long expected from the markets, but even still Friday’s performance showed that investors are cutting their losses with the stock. The company is holding a shareholder vote for a consolidation of shares with ratios of either 10 for 1 or 25 for 1. Sundial has long been granted extensions for not meeting the minimum required $1.00 price level on the NASDAQ exchange. The move from management seems like it is looking at more realistic ways to bring the share price back over $1.00, and unfortunately for shareholders, a stock consolidation is the fastest way to do so.
Sundial stock price
Sundial wasn’t the only cannabis stock trading lower on Friday. After a hot start to the week for a number of companies, most of the big names were under water to close the week. Stocks like Tilray (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), and Aurora Cannabis (NASDAQ:ACB) were all in the red after a decent rebound following the July 4th long weekend.
Like this article? Help us with some feedback by answering this survey:
- NASDAQ:SNDL fell by 6.16% during Friday’s trading session.
- Sundial’s announcement of a reverse split is chasing away its investors.
- Cannabis stocks retreat on Friday after a hot start to the week.
NASDAQ:SNDL sank lower to close out the week following an after hours announcement that was long expected from shareholders. On Friday, shares of SNDL dropped by 6.16% and closed the trading week at $0.34. A hotter than expected jobs report for the month of June dashed imminent fears of a recession amongst investors. The major averages were still mixed as the NASDAQ posted its fifth straight positive session on the back of another strong day from big tech stocks. Overall, the Dow Jones fell by 46 basis points, the S&P 500 inched lower by 0.08%, and the NASDAQ gained 0.12% during the session.
Stay up to speed with hot stocks' news!
Sundial’s after hours announcement of a reverse split was long expected from the markets, but even still Friday’s performance showed that investors are cutting their losses with the stock. The company is holding a shareholder vote for a consolidation of shares with ratios of either 10 for 1 or 25 for 1. Sundial has long been granted extensions for not meeting the minimum required $1.00 price level on the NASDAQ exchange. The move from management seems like it is looking at more realistic ways to bring the share price back over $1.00, and unfortunately for shareholders, a stock consolidation is the fastest way to do so.
Sundial stock price
Sundial wasn’t the only cannabis stock trading lower on Friday. After a hot start to the week for a number of companies, most of the big names were under water to close the week. Stocks like Tilray (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), and Aurora Cannabis (NASDAQ:ACB) were all in the red after a decent rebound following the July 4th long weekend.
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.