SNDL Stock Price: Sundial Growers sheds another 2.50% but keeps $0.7000
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UNLOCK OFFER- NASDAQ: SNDL keeps falling amid the company's announcement.
- Sundial delayed its quarterly earnings report until mid-April.
- Sundial announces it is finalizing its acquisition of Alcanna.
Update: Sundial Growers fell deeper into the red zone on Thursday, hitting the lowest in five days at $0.6855 before reclaiming $0.7000 at the close. Despite the late rebound, SNDL shares lost 2.53% on the day. The extended correction came on the back of the company’s announcement that it has concluded the acquisition of fellow cannabis producer Alcanna. The broader market downbeat mood combined with SNDL’s delay in filing its Q4 earnings report also collaborated with the downside in the stock price.
NASDAQ:SNDL extended its weekly losses on Tuesday, despite the broader markets rallying for the second consecutive day. Shares of SNDL dropped by a further 6.59% and closed the trading session at $0.73. The markets rallied again on Tuesday with a much more convincing performance than on Monday. All three major indices jumped higher again as the Dow Jones added 338 basis points, the S&P 500 gained 1.23%, and the NASDAQ climbed higher by 1.84%. The NASDAQ’s rebound continued as big tech led the way once again, while investors showed some relief with growing hope for a ceasefire between Russia and Ukraine.
Stay up to speed with hot stocks' news!
Sundial announced that it would be delaying its fourth quarter and full-year 2021 earnings report until April 14th after filing a 6K with the SEC on Tuesday. The delay is due to the imminent completion of the acquisition of Alcanna, which Sundial anticipates will have an effect on its earnings call. Is this bullish or bearish? It’s too early to tell but historically, delayed earnings calls have not been great for companies. Even though this is due to an acquisition, investors will still be watching for continued revenue growth and optimistic guidance for 2022.
SNDL stock forecast
Sundial also announced on Tuesday its acquisition of Alcanna Inc. is set to close on March 31, 2022. Alcanna is a Canadian company that owns several liquor distribution retail brands including Wine and Beyond and Liquor Depot. Alcanna is Canada’s largest private liquor retail outlet, and gives Sundial a strong foothold in both the cannabis and alcoholic beverage markets in the country.
Previous updates
Update: Sundial Growers enjoyed good two-way price action on Wednesday, although resumed its correction from four-month highs of $0.8914. The sentiment around Sundial remains downbeat, especially after the company indicated on Tuesday that it would delay filing its Q4 earnings report by up to two weeks. The company, however, said that the delay in filing is said to be a result of the additional work required to meet SOX compliance. Investors failed to find any comfort from Sundial’s justification, as they hammered the stock price. SNDL stock price closed Wednesday at $0.7182, down roughly 1% on the day.
UPDATE: Sundial Growers rebounded from Tuesday's sell-off with its march higher on Wednesday, advancing 7.1% to $0.777 about 45 minutes into the morning session. This puts it near Monday's open at $0.786. Now the primary price target has moved to 80 cents, which acted as resistance on Monday. If SNDL surges above that level, only the range high from last week at $0.89 remains in the near term. All three major US indices are down slightly at the time of writing.
- NASDAQ: SNDL keeps falling amid the company's announcement.
- Sundial delayed its quarterly earnings report until mid-April.
- Sundial announces it is finalizing its acquisition of Alcanna.
Update: Sundial Growers fell deeper into the red zone on Thursday, hitting the lowest in five days at $0.6855 before reclaiming $0.7000 at the close. Despite the late rebound, SNDL shares lost 2.53% on the day. The extended correction came on the back of the company’s announcement that it has concluded the acquisition of fellow cannabis producer Alcanna. The broader market downbeat mood combined with SNDL’s delay in filing its Q4 earnings report also collaborated with the downside in the stock price.
NASDAQ:SNDL extended its weekly losses on Tuesday, despite the broader markets rallying for the second consecutive day. Shares of SNDL dropped by a further 6.59% and closed the trading session at $0.73. The markets rallied again on Tuesday with a much more convincing performance than on Monday. All three major indices jumped higher again as the Dow Jones added 338 basis points, the S&P 500 gained 1.23%, and the NASDAQ climbed higher by 1.84%. The NASDAQ’s rebound continued as big tech led the way once again, while investors showed some relief with growing hope for a ceasefire between Russia and Ukraine.
Stay up to speed with hot stocks' news!
Sundial announced that it would be delaying its fourth quarter and full-year 2021 earnings report until April 14th after filing a 6K with the SEC on Tuesday. The delay is due to the imminent completion of the acquisition of Alcanna, which Sundial anticipates will have an effect on its earnings call. Is this bullish or bearish? It’s too early to tell but historically, delayed earnings calls have not been great for companies. Even though this is due to an acquisition, investors will still be watching for continued revenue growth and optimistic guidance for 2022.
SNDL stock forecast
Sundial also announced on Tuesday its acquisition of Alcanna Inc. is set to close on March 31, 2022. Alcanna is a Canadian company that owns several liquor distribution retail brands including Wine and Beyond and Liquor Depot. Alcanna is Canada’s largest private liquor retail outlet, and gives Sundial a strong foothold in both the cannabis and alcoholic beverage markets in the country.
Previous updates
Update: Sundial Growers enjoyed good two-way price action on Wednesday, although resumed its correction from four-month highs of $0.8914. The sentiment around Sundial remains downbeat, especially after the company indicated on Tuesday that it would delay filing its Q4 earnings report by up to two weeks. The company, however, said that the delay in filing is said to be a result of the additional work required to meet SOX compliance. Investors failed to find any comfort from Sundial’s justification, as they hammered the stock price. SNDL stock price closed Wednesday at $0.7182, down roughly 1% on the day.
UPDATE: Sundial Growers rebounded from Tuesday's sell-off with its march higher on Wednesday, advancing 7.1% to $0.777 about 45 minutes into the morning session. This puts it near Monday's open at $0.786. Now the primary price target has moved to 80 cents, which acted as resistance on Monday. If SNDL surges above that level, only the range high from last week at $0.89 remains in the near term. All three major US indices are down slightly at the time of writing.
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