It was a pretty strong start to the week for investors in Sundial Growers (NASDAQ:SNDL) as the company’s stock went through a strong rally and ended up with gains of as much as 21% as a consequence.
Trading Data
On Monday, SNDL stock soared 22% to $0.4650 with 215 million shares, compared to its average volume of 99.78 million shares. The stock moved within a range of $0.4100 – 0.4825 after opening trade at $0.4281.
Key Things To Watch
Despite the strong rally in the stock, it ought to be noted that there was no news with regards to the company yesterday and for some investors the whole thing may appear a bit random. That being said, it ought to be noted that the company had scheduled the announcement of its first fiscal quarter financial results yesterday after the closure of the markets. That may have been one of the major catalysts behind the rally.
The significant gain recorded by the stock yesterday is perhaps a reflection of the fact that investors were possibly anticipating strong results from Sundial Growers and hence, decided to get in before the actual announcement. In this regard, it ought to be noted that no one can know how the results were going to be through legal means. Hence, the price action in the stock was almost certainly brought about by the expectations of investors. It remains to be seen how the stock performs today.
Technical Data
SNDL stock is trading below the 50-Day and 200-Day Moving averages of $0.47 and $0.54 respectively. Moreover, the stock is trading below 20-Day moving average of $0.62.
