Many cannabis stocks have had a bumpy ride in recent times and the Sundial Growers (NASDAQ:SNDL) stock was not an exception in that regard. This past Friday, the stock was in the middle of significant downward spiral and ended the day with a decline of as much as 7%.
On Friday, SNDL stock fell 7.74% to $0.4783 with 92.94 million shares, compared to its average volume of 106.44 shares. The stock has moved within a range of $0.4660 – 0.5100 after opening trade at $0.5030.
The company is a major operator in the industry and is known for investment, retailing and growing cannabis as well. Last year, Sundial had been in considerable focus after it had been targeted by investors and went on a remarkable rally as a meme stock.
However, since that famous rally, the stock has suffered and tanked hard as it eventually went down to levels below 52 cents a share. In addition to that, it is also necessary to keep in mind that at this point, Sundial only has up until February 7 within which it would need to meet the continued listing requirements on NASDAQ. If it fails to do so, then it might be delisted.
Hence, it is perhaps easy to see why the stock suffered from such a selloff. At this point, it may be a good move to be on the sidelines with regards to Sundial.
SNDL stock is trading below the 20-Day and 50-Day Moving averages of $0.57 and $0.63 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.76.