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Wednesday, June 16, 2021

Shares of Sundial Growers Inc. (SNDL) fell 3.5% in Pre-Market. What’s Going On?

Sundial Growers Inc. (SNDL) is a leading seller of cannabis products and ornamental plants and herbs in the United Kingdom. The SNDL stock price saw a decline of 3.45% to drop at $1.1200 a share as of this writing. There is nothing special to justify this bearish sentiment.


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What’s Happening?

Although SNDL stock has been given much support by Reddit users in 2021 due to the emerging business of Cannabis products, still stock is passing through the dark.There is no news by the company-, no earnings report so far, no analyst downgrades or price target cuts that might explain the bearish sentiment for SNDL stock.

In February2021, SNDL shares were up by 121.37% but the company bore loss in its Medical sector by 4.82% in addition to a 0.91% loss in S&P 500.The company has recorded $12.9 million net cannabis revenue, a 77% increase in its branded net cannabis sales in the third quarter, with a $23 million decrease in the principal amount of debt.

Sundial Growers will announce its full-year and fourth quarter, 2020 financial results on March 17,2021.Wall Street is optimistic that SNDL will show improvement in the 2020 financial results but Zack consensus-estimated a 41.07% yearly decrease in the company’s net sales.

SNDL stock’s previous year was full of agony.The company hardly avoided bankruptcy as it lost CA$175.8 million in the past year which was 39% higher than the previous year and faced a 3.6% decline in sales.This happened due to the wrong strategic direction of the company given by the previous management.

Conclusion:

Things are not working well for Sundial Growers Inc. as far as SNDL stock price is concerned. The company’s current management is deeply focused on reducing losses and growth of the company, but it will take time to turn this ship around. Due to the emerging demand for cannabis products in the globe, the company can outperform in the future but still, investors need to do a lot of homework before making any decision about SNDL.

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