Shares of Canadian cannabis company Sundial Growers Inc. SNDL closed more than 8% higher in Wednesday’s regular trading session.
What Happened: While there was no company-specific news that contributed to the surge, Sundial’s shares seemed to rise in sympathy with peer Tilray Inc. TLRY.
Tilray’s shares surged on Wednesday after the company reported a surprise profit for the fourth quarter, its first earnings results following its merger with rival Aphria Inc. in May.
See Also: EXCLUSIVE: Tilray CEO Irwin Simon Discusses Earnings Report, Stock Surge On Benzinga Cannabis Hour
Why It Matters: Sundial is seeing high interest from retail investors and is a frequently mentioned stock on Reddit’s r/WallStreetBets forum that has 10.7 million members. Tilray has emerged as the second-most discussed stock on the WSB forum, as of Wednesday night.
See also: How to Buy Sundial Growers (SNDL) Stock
The latest weekly survey conducted by Benzinga showed that Sundial Growers was the second-most preferred cannabis stock, just behind Tilray, by traders for investment.
About 14.4% of Sundial’s float is short, as per the latest available data from Yahoo! Finance.
Price Action: Sundial shares closed 8.1% higher in Wednesday’s trading session at $0.85.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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