Sundial Growers Inc. (NASDAQ:SNDL) is a meme stock that has been smoked again, presenting a buying opportunity for pennies. The cannabis stock is down 3% this week, and some investors are concerned about what is happening. However, the shares are off two pennies at $0.7, which implies there is no need for any bearish drive for the movement.
It is unlikely that the US debt-ceiling and China’s property developer Evergrande’s scandal were concerns early in the week. However, the broader selloff experienced leaving big names such as Caterpillar (NYSE: CAT) and Apple (NASDAQ: AAAPL) reeling was responsible.
The pot company is still valued at $1.5 billion following huge capital raising efforts, and at the expense of its meme craze, SNDL is just a play about trading toast instead of marijuana stock. As a result, the company’s bearish short interest is almost 14%. Interestingly, despite past short-lived schemes to boost the stock, investors are still squeezing more for the stock’s small but significant market capitalization. As a result, investors should watch SNDL in the coming days.
Market Reaction:
On Thursday, SNDL stock jumped 0.62% at $0.7015 with more than 79.84 million shares, compared to its average volume of 85.70 million shares. The stock has moved within a range of $0.6900 – 0.7209 after opening the trade at $0.72.
