Stock traders buy high volume of SNDL call options (NASDAQ: SNDL)

SNDL Inc. (NASDAQ:SNDL – Get Rating) was the target of unusual options trading activity on Monday. Traders bought 49,393 call options on the stock. This represents a 25% increase from the typical daily volume of 39,410 call options.

Institutional entries and exits

A number of institutional investors and hedge funds have recently bought and sold shares of SNDL. ETF Managers Group LLC acquired a new position in SNDL during Q4 worth $17,533,000. Mirae Asset Global Investments Co. Ltd. increased its position in SNDL by 46.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,532,176 shares of the company worth $16,472,000 after acquiring an additional 7,481,759 shares in the last quarter. GMT Capital Corp acquired a new position in SNDL stock during the first quarter valued at approximately $1,478,000. Gotham Asset Management LLC acquired a new equity position in SNDL during the fourth quarter valued at approximately $744,000. Finally, Spartan Fund Management Inc. acquired a new position in SNDL stock during the second quarter worth approximately $246,000. Institutional investors and hedge funds hold 6.53% of the company’s shares.

SNDL stock up 5.3%

Shares of SNDL rose $0.16 on Monday, hitting $3.16. The company’s shares had a trading volume of 870,279 shares, compared to its average volume of 8,512,934. The company has a debt ratio of 0.15, a current ratio of 5.97 and a quick ratio of 4.73. SNDL has a fifty-two week minimum of $2.12 and a fifty-two week maximum of $9.60. The company’s fifty-day moving average price is $3.13 and its 200-day moving average price is $4.46. The stock has a market capitalization of $524.63 million, a price-earnings ratio of -5.11 and a beta of 4.34.

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SNDL (NASDAQ:SNDL – Get Rating) last released its quarterly earnings data on Monday, May 16. The company reported ($0.20) earnings per share (EPS) for the quarter. SNDL has a negative net margin of 55.81% and a negative return on equity of 6.04%. The company had revenue of $13.89 million in the quarter. Research analysts expect SNDL to post -0.22 EPS for the current year.

Analysts set new price targets

Several equity analysts have recently commented on the stock. Atb Cap Markets upgraded SNDL’s shares from an “sector performance” rating to an “outperform” rating in a Tuesday, May 17 report. BMO Capital Markets downgraded SNDL’s shares from an “underperforming” rating to a “market performing” rating and raised its price target for the company from $6.00 to $7.00 in a research note from Tuesday, May 3.

About SNDL

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SNDL Inc is engaged in the production, distribution and sale of cannabis products in Canada. The Company operates through Cannabis Operations and Retail Operations segments. It is engaged in the cultivation, distribution and sale of cannabis for adult use markets; and the private sale of recreational cannabis through company-owned or franchised cannabis retail stores.

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