SNDL Stock Price: Sundial Growers Inc sinks on news of trading-ban for top executives
- NASDAQ:SNDL fell by 4.09% during Monday’s trading session.
- Top Sundial executives have banned themselves from trading the stock.
- The MORE Act still has a tough task of making it through the Senate vote.
NASDAQ:SNDL started the first full trading week of April off in the same way it ended last week: falling into the red. On Monday, shares of SNDL fell by 4.09% and closed the trading session at $0.67. Sundial was a red blemish on an otherwise bullish start to the trading week as all three major indices closed higher thanks to a major rally from big tech. The Dow Jones added 103 basis points, the S&P 500 gained 0.81%, and the NASDAQ rallied higher by 1.9% as the tech-heavy index continues to battle its way back from the recent drop into bear market territory.
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The major headline that was sending Sundial lower on Monday was a self-imposed trading ban by some of the company’s executives. The application was made last week and was already approved by the Alberta Securities Commission in Canada. This means that Sundial’s CEO and CFO are not able to trade any Sundial shares until the company has filed its audited and consolidated financial results for 2021. Last week, Sundial delayed its quarterly earnings report until April 14th due to the closing of its acquisition of private liquor retailer, Alcanna.
SNDL stock forecast
Last week, the MORE Act passed the floor vote in the House of Representatives. It is the first step towards federal legalization and all that stands in the way of it now is a passing vote through the Senate. For this to happen, the vote would need full support from the Democrats and at least ten votes from the Republicans. It is unclear as to when the vote in the Senate will take place.
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