ATB Capital Forecasts Strong Price Appreciation for SNDL (NASDAQ:SNDL) Stock

SNDL (NASDAQ:SNDL) had its price objective lifted by equities research analysts at ATB Capital from $3.50 to $4.00 in a report issued on Wednesday,BayStreet.CA reports. ATB Capital’s target price points to a potential upside of 155.59% from the stock’s previous close.

SNDL Stock Down 2.2 %

Shares of SNDL stock traded down $0.04 during trading hours on Wednesday, reaching $1.57. The company had a trading volume of 1,221,690 shares, compared to its average volume of 3,314,992. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.16 and a current ratio of 5.61. SNDL has a twelve month low of $1.40 and a twelve month high of $2.93. The company has a market capitalization of $411.24 million, a P/E ratio of -5.05 and a beta of 3.39. The stock’s fifty day simple moving average is $1.72 and its 200 day simple moving average is $1.89.

SNDL (NASDAQ:SNDL) last posted its earnings results on Tuesday, March 18th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.18). SNDL had a negative net margin of 12.11% and a negative return on equity of 8.27%. The company had revenue of $179.06 million during the quarter, compared to analyst estimates of $248.10 million. As a group, sell-side analysts expect that SNDL will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SNDL

A number of hedge funds have recently bought and sold shares of SNDL. BNP Paribas Financial Markets acquired a new stake in SNDL during the 4th quarter valued at approximately $7,357,000. Cannell Capital LLC grew its stake in SNDL by 23.6% during the 4th quarter. Cannell Capital LLC now owns 10,176,305 shares of the company’s stock valued at $18,216,000 after purchasing an additional 1,945,045 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in SNDL during the 4th quarter valued at approximately $2,236,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SNDL by 41.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,095,205 shares of the company’s stock valued at $3,750,000 after purchasing an additional 612,495 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in SNDL during the 4th quarter valued at approximately $584,000.

About SNDL

SNDL Inc engages in the production, distribution, and sale of cannabis products in Canada. The company operates through Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments segments. It engages in the cultivation, distribution, and sale of cannabis for the adult-use and medical markets; sells wines, beers, and spirits through wholly owned liquor stores; and private sale of recreational cannabis through wholly owned and franchised retail cannabis stores.