- NASDAQ: SNDL fell 0.42% in Monday’s trading session.
- ATB Capital Markets remains bullish on Sundial shares going forward.
- An inverted breakdown of the Cannabis ETF shows the state of the industry right now.
UPDATE: Shares of Sundial Growers are trading flat on Tuesday. The shares hovered between $0.3723 and $0.3757 in the first hour of trading. The market is also relatively flat overall. As of this writing, the Nasdaq is stable, while the Dow is down 0.26%. 500 call contracts expiring June 17 were purchased during the session at a strike price of $1.50 for $0.01 per share.
NASDAQ: SNDL fell further below $1.00 to start the week as the company considers delisting from NASDAQ or being forced into a reverse stock split. On Monday, SNDL shares fell 0.42% and closed the trading session at $0.38. Sundial’s stock underperformed the broader markets as all three major indices managed to pull off a small gain to start the week. The Dow Jones made a small gain of 16 basis points, while the S&P 500 added 0.31% and the NASDAQ rose 0.40% during the session.
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Although Sundial’s stock has fallen 40% so far in 2022 and 68% in the past 52 weeks, one Wall Street analyst remains bullish on the stock. Frederico Gomes, an analyst at ATB Capital Markets, reiterated his outperformance rating for Sundial and a price target of $0.80. The positive note comes as another Canadian cannabis giant, Canopy Growth (NASDAQ:CGC), was downgraded by Cannaccord from C$6.00 to C$4.50 per share following its disappointing earnings report. quarterly. According to TipRanks, Canopy has a Buy rating out of eleven analysts and a median price target of $5.15.
Sundial stock forecast
The dire state of the cannabis sector right now could be summed up by ETF Global X Cannabis (NASDAQ:POTX) announcing a reverse split for its fund.. While we see this in distressed stocks, like potentially in Sundial, seeing an ETF split its stocks upside down is almost unprecedented. The reverse 1 for 6 split will take place after the close of trading on June 10.
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