- The stock price of Sundial Growers Inc (NASDAQ: SNDL) increased by over 15% during intraday trading. This is why it happened.
The stock price of Sundial Growers Inc (NASDAQ: SNDL) increased by over 15% during intraday trading (previous close of $0.45 and day high of $0.48). There appear to be a few catalysts driving the stock price up.
Social Media Rally
A number of investors have been vocal about buying shares in Sundial today given that tomorrow is April 20 (also known as 4/20). In cannabis culture, 4/20 is slang for marijuana consumption.
Motley Fool Profile
Today, Fool.com cited Sundial as being the number one stock that “day traders love.” While Fool.com did not recommend Sundial for long-term traders, they cited the volume of Sundial shares traded.
“Over the last three months, no stock has had a higher trading volume than Canadian marijuana grower Sundial Growers (NASDAQ:SNDL). More than 500 million shares of the stock have changed hands each day, or nearly one third of its float of 1.65 billion shares. That means the average investor is holding their Sundial shares for just three days,” said Fool.com in its report. “That heavy volume has helped make the stock highly volatile, and its status as an unprofitable cannabis grower trading in penny stock range has made it popular with traders on Reddit’s WallStreetBets board.”
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.