SNDL Stock Forecast: Sundial Growers closes lower after early morning surge

NASDAQ:SNDL fell by 0.34% during Friday’s trading session.
Sundial’s acquisitions are leading to record sales as the company tries to rebuild.
Cannabis stocks declined on Friday despite recent Senate buzz.

Stocks Reporter FXStreet

NASDAQ:SNDL failed to keep its momentum going from Thursday, although the stock did post a positive week overall, climbing higher by about 5.0%. On Friday, shares of SNDL dipped lower by 0.34% and closed the trading week at a price of $2.95. Stocks had their worst trading day in months as Fed Chairman Jerome Powell gave his speech from Jackson Hole on Friday morning. Powell provided a hawkish outlook and stated that there could be some pain ahead as the Fed continues to fight inflation. Overall, the Dow Jones tumbled by 1,008 basis points, the S&P 500 dropped by 3.37%, and the NASDAQ plummeted by 3.94% during the session.

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Is Sundial turning a corner? In the second quarter it turned in a record sales report and a lot of it was due to it being the first quarter where Alcanna’s liquor sales were included in the numbers. It’s a good sign that Sundial’s strategic acquisitions are making an impact on its sales figures, but so far the stock has not followed suit. In fact, the reverse split that Sundial was forced to undergo just to remain listed on the NASDAQ is a sure sign that the company is not doing as well as they would lead us to believe.

SNDL stock price

Despite Thursday’s buzz about potential industry reform at the Senate level, cannabis stocks erased those gains on Friday. Led lower by industry leaders like Tilray (NASDAQ:TLRY) which fell by 7.04%, Aurora Cannabis (NASDAQ:ACB) which dropped by 9.41%, and Canopy Growth (NASDAQ:CGC) which lost 9.22% to close the week.

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Stocks Reporter

FXStreet

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