SNDL Stock News: Sundial Growers drops lower as cannabis sector continues to sink
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UNLOCK OFFER- NASDAQ:SNDL fell by 2.84% during Thursday’s trading session.
- Sundial remains in danger of delisting from the NASDAQ exchange.
- One analyst believes Tilray is set to gain from its stake in Hexo.
NASDAQ:SNDL fell right back below the psychological $0.30 price level on Thursday, amidst another broader market meltdown and cannabis sector sell off. Shares of SNDL fell by 2.84% and closed the session at $0.29. It was a bloodbath on Wall Street as Wednesday’s rally was quickly erased right from the opening bell. All three major indices tumbled lower, with the Dow Jones once again falling back below the 30,000 level after dropping by a further 741 basis points. The S&P 500 lost 3.25% and the NASDAQ tumbled lower by 4.08% during the session.
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The further Sundial falls below $1.00, the more danger the stock is in of delisting from the NASDAQ exchange. In a market environment where cannabis stocks are succumbing to the downward selling pressure on growth sectors, Sundial fares little chance of reclaiming that level without taking drastic measures like a reverse split. Meme stock traders could try to engage in a short squeeze, however Sundal currently only has a 9.14% short interest according to Fiintel.io. A reverse split would help to consolidate the nearly 2.4 billion outstanding shares, although reverse splits are rarely beneficial for shareholders and typically speak to a company that has a struggling business.
Sundial stock forecast
One analyst believes that the recent stake in Hexo (NASDAQ:HEXO) by Tilray (NASDAQ:TLRY) will be a beneficial move in the long run. Pablo Zuanic of Cantor Fitzgerald stated that Tilray could leverage this ownership of Hexo to its advantage and gain a larger market share of the Canadian recreational cannabis industry. Shares of Hexo and Tilray were down by 3.75% and 2.81% respectively on Thursday.
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- NASDAQ:SNDL fell by 2.84% during Thursday’s trading session.
- Sundial remains in danger of delisting from the NASDAQ exchange.
- One analyst believes Tilray is set to gain from its stake in Hexo.
NASDAQ:SNDL fell right back below the psychological $0.30 price level on Thursday, amidst another broader market meltdown and cannabis sector sell off. Shares of SNDL fell by 2.84% and closed the session at $0.29. It was a bloodbath on Wall Street as Wednesday’s rally was quickly erased right from the opening bell. All three major indices tumbled lower, with the Dow Jones once again falling back below the 30,000 level after dropping by a further 741 basis points. The S&P 500 lost 3.25% and the NASDAQ tumbled lower by 4.08% during the session.
Stay up to speed with hot stocks' news!
The further Sundial falls below $1.00, the more danger the stock is in of delisting from the NASDAQ exchange. In a market environment where cannabis stocks are succumbing to the downward selling pressure on growth sectors, Sundial fares little chance of reclaiming that level without taking drastic measures like a reverse split. Meme stock traders could try to engage in a short squeeze, however Sundal currently only has a 9.14% short interest according to Fiintel.io. A reverse split would help to consolidate the nearly 2.4 billion outstanding shares, although reverse splits are rarely beneficial for shareholders and typically speak to a company that has a struggling business.
Sundial stock forecast
One analyst believes that the recent stake in Hexo (NASDAQ:HEXO) by Tilray (NASDAQ:TLRY) will be a beneficial move in the long run. Pablo Zuanic of Cantor Fitzgerald stated that Tilray could leverage this ownership of Hexo to its advantage and gain a larger market share of the Canadian recreational cannabis industry. Shares of Hexo and Tilray were down by 3.75% and 2.81% respectively on Thursday.
Like this article? Help us with some feedback by answering this survey:
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