The stock of Sundial Growers Inc. (NASDAQ:SNDL) is now priced at $0.34 and the shares are 0 points down or -0.67% lower compared to its previous closing price of $0.34. The stock had 24.545 million contracts set over the past session. SNDL shares’ daily volume is compared to its average trading volume at 5.57 million shares. However, it has a float of 88.33 million and although its performance was -1.13% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SNDL share price recently placing at $0.3375 to $0.405. However, some brokerage firms have priced the stock below the average, including one that has called $0.5.
The shorts are climbing into the Sundial Growers Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the SNDL shares have risen. Short interest in the stock represents just 7.04% of its float, but the volume has raised by 3109607. The volume of shorted shares rised to 6.214 million from 3.105 million shares over the last two weeks. The average intraday trading volume has been 10.619 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Sundial Growers Inc. (NASDAQ:SNDL) dropped by -$0.0039 over the week and lost -$0.2501 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.06. The stock recorded its established 52-week high on 09/16/19.
Since 08/27/20, the stock has traded to a low of $0.28 at 21.43%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Sundial Growers Inc.’s two-week RSI is 31.49. This suggests that the stock is neutral at the moment and that SNDL shares’ price movement remains stable. The stochastic readings are equally revealing at 10.77% meaning the SNDL share price is currently in overbought territory.
The technical chart shows that the SNDL stock will likely settle at between $0.3842 and $0.4283 per share. However, if the stock dips below $0.3167, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2933.
Currently, the stock is trading in the red of MACD, with a reading of -0.0206. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at CIBC raised their recommendation for SNDL from Sector Underperform to Neutral in August 17 review. BMO Capital Markets analysts upgraded their recommendation of the stock from Underperform to Market Perform while keeping its target price at $1 in a flash note released to investors on June 29. BMO Capital Markets seeing the stock struggling downgraded it from Market Perform to Underperform on April 02.
The average rating for the SNDL equity is 3.33 and is currently gathering a bearish momentum. Of 3 analysts tracking Sundial Growers Inc. polled by Reuters, 3 rated SNDL as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sundial Growers Inc. (NASDAQ:SNDL) will decrease by about -99.88%, which will see them reach $17.85 million. The company’s full-year revenues are, however, expected to increase by about 20.79%, up from $55.85 million to $67.46 million. SNDL’s expected adjusted earnings should drop almost -89.62% to end up at -$0.11 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -71.73% to record -$0.67/share.