fbpx
QQQ
+ 0.00
340.60
+ 0%
DIA
+ 0.00
336.79
+ 0%
SPY
+ 0.00
412.86
+ 0%
TLT
+ 0.00
138.48
+ 0%
GLD
+ 0.00
163.42
+ 0%

Why Sundial Growers Stock Spiked 48.5% Today

February 1, 2021 10:20 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Why Sundial Growers Stock Spiked 48.5% Today

Sundial Growers Inc (NASDAQ:SNDL) stock closed nearly 48.5% higher on Monday.

What Happened: The cannabis play stock received attention from Reddit investor group r/WallStreetBets, which has over 8 million members. 

See also: How to Invest in Cannabis Stocks

As of Jan. 14, 35.79% of the float is short, and the group is known to target buying shares of companies such as GameStop Corp (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC), which are similarly heavily shorted.

Why It Matters: Sundial is among a list of so-called “meme stocks” in the crosshairs of r/WallStreetBets investors, as compiled by Swaggy Stocks.

The comment volume of the stock is 601, while the average comment volume is 321. As a comparison, GameStop attracted 13,772 comments and the average comment volume for that stock is 6,601.

Taking advantage of the investor interest, Sundial said last week it was raising $100 million through a sale of stock and warrants.

Price Action: Sundial shares closed 48.47% higher at $1.21 on Monday.