SNDL Inc. [NASDAQ: SNDL] stock went on a downward path that fall over -5.78% on Wednesday, amounting to a one-week price decrease of less than -10.44%. The company report on March 3, 2023 that SNDL Expands its Wine and Beyond Banner into Saskatchewan.
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SNDL Inc. (Nasdaq: SNDL) (“SNDL” or the “Company”) announced today that it has successfully obtained two liquor retail licenses in Regina and Saskatoon, through the Saskatchewan Liquor and Gaming Authority (“SLGA”) auction. The Company will leverage these licenses to expand its premium liquor banner, Wine and Beyond, into the final stage of the liquor retail transition to the private sector in Saskatchewan.
“We are excited to bring our Wine and Beyond banner into Saskatchewan, specifically in the key markets of Regina and Saskatoon,” said Tank Vander, President of Liquor Retail at SNDL. “Due to Saskatchewan’s low distribution of liquor licenses and high liquor sales per capita, SNDL expects stable and accretive growth in the two new stores. We are eager to introduce consumers to the Wine and Beyond brand, as we believe there is demand in the market for a premium liquor retail model.”.
Over the last 12 months, SNDL stock dropped by -65.47%. The one-year SNDL Inc. stock forecast points to a potential upside of 60.72. The average equity rating for SNDL stock is currently 2.20, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $398.06 million, with 260.70 million shares outstanding and 259.34 million shares in the current float. Compared to the average trading volume of 3.56M shares, SNDL stock reached a trading volume of 6128037 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on SNDL Inc. [SNDL]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SNDL shares is $4.15 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SNDL stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Canaccord Genuity have made an estimate for SNDL Inc. shares, keeping their opinion on the stock as Speculative Buy, with their previous recommendation back on August 16, 2022. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price from $0.60 to $0.70. The new note on the price target was released on May 03, 2022, representing the official price target for SNDL Inc. stock. Previously, the target price had yet another raise from $0.40 to $0.65, while Canaccord Genuity kept a Sell rating on SNDL stock.
The Average True Range (ATR) for SNDL Inc. is set at 0.10, with the Price to Sales ratio for SNDL stock in the period of the last 12 months amounting to 1.09. The Price to Book ratio for the last quarter was 0.37, with the Price to Cash per share for the same quarter was set at 0.99.
SNDL Stock Performance Analysis:
SNDL Inc. [SNDL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.44. With this latest performance, SNDL shares dropped by -28.19% in over the last four-week period, additionally sinking by -34.80% over the last 6 months – not to mention a drop of -65.47% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SNDL stock in for the last two-week period is set at 29.78, with the RSI for the last a single of trading hit 25.67, and the three-weeks RSI is set at 33.51 for SNDL Inc. [SNDL]. The present Moving Average for the last 50 days of trading for this stock 2.1106, while it was recorded at 1.7680 for the last single week of trading, and 2.6243 for the last 200 days.
Insight into SNDL Inc. Fundamentals:
SNDL Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.80 and a Current Ratio set at 6.60.
SNDL Inc. [SNDL] Insider Position Details
There are presently around $33 million, or 8.10% of SNDL stock, in the hands of institutional investors. The top three institutional holders of SNDL stocks are: ETF MANAGERS GROUP, LLC with ownership of 12,523,678, which is approximately -80.581% of the company’s market cap and around 0.56% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 1,474,036 shares of the stock with an approximate value of $2.4 million in SNDL stocks shares; and MORGAN STANLEY, currently with $1.5 million in SNDL stock with ownership of nearly 22.572% of the company’s market capitalization.
52 institutional holders increased their position in SNDL Inc. [NASDAQ:SNDL] by around 2,045,321 shares. Additionally, 38 investors decreased positions by around 53,563,588 shares, while 45 investors held positions by with 35,484,733 shares. The mentioned changes placed institutional holdings at 20,124,176 shares, according to the latest SEC report filing. SNDL stock had 32 new institutional investments in for a total of 1,111,479 shares, while 17 institutional investors sold positions of 121,756 shares during the same period.