Millennium Management LLC Boosts Stock Position in SNDL Inc. (NASDAQ:SNDL)

Millennium Management LLC grew its holdings in shares of SNDL Inc. (NASDAQ:SNDL) by 138.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,080,069 shares of the company’s stock after buying an additional 1,208,556 shares during the quarter. Millennium Management LLC owned 1.25% of SNDL worth $3,952,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. WINTON GROUP Ltd acquired a new position in shares of SNDL in the 2nd quarter worth approximately $742,000. AdvisorShares Investments LLC boosted its holdings in SNDL by 27.0% in the second quarter. AdvisorShares Investments LLC now owns 1,409,212 shares of the company’s stock worth $2,706,000 after purchasing an additional 300,000 shares during the period. Jeppson Wealth Management LLC acquired a new position in SNDL in the second quarter worth $38,000. Magnus Financial Group LLC bought a new stake in SNDL during the second quarter valued at $228,000. Finally, Tidal Investments LLC acquired a new stake in shares of SNDL during the first quarter worth $18,237,000.

SNDL Stock Up 3.6 %

Shares of NASDAQ:SNDL opened at $1.99 on Monday. The company has a current ratio of 4.34, a quick ratio of 2.98 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $2.05 and its 200 day moving average price is $2.10. SNDL Inc. has a fifty-two week low of $1.30 and a fifty-two week high of $2.93.

SNDL (NASDAQ:SNDL) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. SNDL had a negative return on equity of 8.30% and a negative net margin of 12.36%. The business had revenue of $166.73 million during the quarter, compared to analyst estimates of $175.76 million. During the same period in the prior year, the company posted ($0.08) EPS. On average, research analysts predict that SNDL Inc. will post -0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group initiated coverage on shares of SNDL in a report on Wednesday, July 17th. They issued a “speculative buy” rating and a $3.25 target price on the stock.

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.