Sundial Growers (NASDAQ:SNDL) Stock Needs Trigger To Move Up: Here is Why

Sundial Growers (NASDAQ:SNDL) has been a puzzling stock to follow this year, considering it doesn’t have acquisitions or closed mega deals like other top cannabis stocks. Still, the stock has been among the best performers in the sector this year, with the stock doubling. These impressive gains are attributed to the meme craze at the beginning of the year.

Besides the meme hype, the stock was already capturing investor interest following the release of its Q2 earnings on August 13, 2020. The company reported net revenue of C$ 20.2 million. In addition, sundial executed a “strategic alternative review” expected to result in a transaction, and the company has made moves since, including investing in Indiva.

The meme hype could send the stock high, but even though Reddit activity can send the stock up, financials could be an afterthought for investors. On May 7, SNDL had C$753 million in cash, giving it enough cash to strengthen. So in the coming months, SNDL is a stock to watch.

Market Reaction:

On Wednesday, SNDL stock fell 0.11% to $0.9490 with more than 85.60 million shares, compared to  its average volume of 213.05 million shares. The stock has moved within a range of $0.9201 – 0.9749 after opening the trade at $0.9540. Over the past 52-week, the stock has been trading within a range of $0.1380 – 3.9600.

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