Sundial Growers (NASDAQ:SNDL) jumped more than 5% after the company said it would release its Q2 2021 earnings results on August 12. On Wednesday, the stock closed at $0.7811 and opened on Thursday at $0.7940 before climbing to $0.8276 by mid-afternoon. SNDL was among the most traded stocks at number four in the top 100 Robinhood list. Sundial is among the preferable meme stocks among day traders, but it has been significantly volatile. There was no news attributed to the latest jump.
The cannabis company has not turned a profit yet but is surprised with positive EBITDA in Q1. The other reason there is enthusiasm around the stock is the completion of the Spiritleaf acquisition this past month. Sundial is now the largest single recreational-cannabis brand, with over 100 outlets in six provinces following the acquisition.
With the company expected to release its QA2 earnings, investors will be keen on where the company is headed. With no outstanding debt and cash of around $969.5 million, SNDL is a stock to watch.
Market Reaction:
On Thursday, SNDL stock jumped 5% at $0.82 with more than 101.10 million shares, compared to its average volume of 153.58 million shares. The stock has moved within a range of $0.7899 – 0.8280 after opening the trade at $0.7940.
