SNDL Stock News: Sundial Growers rises but still posts another losing week

NASDAQ: SNDL gained 6.60% during Friday’s trading session.
Canaccord is not so bullish on the Tilray and Hexo partnership.
Meme stocks had an eventful day on Wall Street to close the week.

Stocks Reporter FXStreet

NASDAQ: SNDL soared for its best day in over two weeks as the Canadian cannabis stock reclaimed the $0.30 price level. On Friday, shares of SNDL jumped by 6.60% and closed the trading week at $0.31. It was a day full of swings although the broader markets closed out the quarterly quadruple witching day relatively flat. The Dow Jones edged lower by 38 basis points and the NASDAQ led the way higher by 1.43%. The S&P 500 managed to post a 0.22% gain, although it still had its worst week of trading since March of 2020.

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While some analysts have been in favor of Tilray’s (NASDAQ: TLRY) major stake in Hexo (NASDAQ: HEXO), at least one analyst at Canaccord isn’t so bullish. While the firm still reiterates a Buy rating, it did lower its 12-month price target for Tilray from $9.00 to $7.00. This is due to Canaccord being particularly bearish on the adult recreational cannabis industry. The firm notes that adult-use brands have declined in sequential quarters now, and the current economic climate doesn’t appear to provide any potential to buck that trend. TLRY and HEXO were trading higher by 2.89% and 2.30% respectively on Friday.

Sundial stock forecast

Sundial can still be categorized as a meme stock, even though it hasn’t seen any squeezes for quite some time. Other meme stocks had a strong day on Wall Street as both AMC (NYSE: AMC) and GameStop (NYSE: GME) were on the rise yet again. The latest meme stock of choice is Redbox (NASDAQ: RDBX), which was down by more than 13% during the morning, but managed to close the session higher by 2.74%.

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Stocks Reporter

FXStreet

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