- Sundial (SNDL) has been a star performer but the trend is weakening.
- SNDL drops nearly 20% on Friday as retail trade suffers.
- Sundial (SNDL) and other cannabis stocks are in the news for 2021
Update Friday Feb12: SNDL shares suffered a weak Thursday, losing nearly 20% to close at $2.38. Unfortunately for retail traders, the trend is continuing on Friday with SNDL shares down at $1.90 at the time of writing, another loss of 20%. SNDL shares have been on a run in 2021 as the Reddit revolution set sights on pot stocks.
Update: NASDAQ: SNDL have closed Thursday’s session with a fall of 19.32% to close at $2.38, but they may be experiencing a happy Friday. Premarket figures are pointing to a bounce. It is essential to note that the cannabis company’s shares were changing hands as a penny stock – under $1 – as late as two weeks ago. The meteoric rise since then was bound to hit a speed bump, but the fundamental case remains intact. Follow more stocks news here
Update: Sundial Growers Inc (SNDL) shares rose nearly 40% in premarket trading on Thursday and opened at its highest level since November 2019 at $3.96. However, profit-taking forced SNDL to lose its traction after the opening bell and the stock was last seen trading at $2.75, where it was down 8% based on Wednesday’s closing price. Cannabis stocks seem to be attracting retail investors since the start of the week with Reddit’s WallStreetBets shifting the focus to the sector. Reuters on Thursday reported that cannabis stocks were among the most traded by German retail investors on Thursday, confirming the rising interest.
Sundial Growers has been in the news this week and in the sights of retail traders in 2021. Largely a combination of its very low, penny stock status, price, and also its position as a cannabis growth stock. Retail traders have been hot on the cannabis sector in 2021 as traders bet that the US will follow Canada and open up the US cannabis market. In this regard, President Biden’s administration is seen to be more amenable to this than former President Trump.
Sundial Growers Inc Nasdaq (SNDL) is a Canadian cannabis producer with a number of products aimed at the inhaled cannabis market.
Sundial (SNDL) stock news
Sundial Growers (Nasdaq: SNDL) news had been slow and until recently the stock had been a pretty average performer. It is not one of the main players in the Canadian cannabis market with far larger competitors.
But Sundial has taken advantage of investor interest in the stock to strengthen its financials and balance sheet. On February 2, Sundial announced the news that it had raised $100 million in a share offering. In November 2020, Sundial had a market cap of just $60 million so this is a significant capital raise for the company. At the time of writing, the market cap of Sundial has soared to nearly $6 billion after the share price surge.
Sundial Growers (Nasdaq: SNDL) stock forecast
Go to the news source: Shares set to resume gains after pullback