Sundial Growers Inc SNDL shares are trading significantly higher Monday ahead of the company's first-quarter financial results, which are set to be released after the bell.
Sundial is the majority shareholder of Nova Cannabis with an approximately 63% stake. Nova announced its quarterly results last week, showing strong year-over-year growth. Sundial shares have largely trended higher since the company reported earnings.
At the beginning of the month, BMO Capital analyst Tamy Chen upgraded Sundial from an Underperform rating to a Market Perform rating and raised the price target from 60 cents to 70 cents per share, citing "encouraging" results from the company's prior quarter.
Sundial is popular among retail traders and is trending across social media platforms today. It was among the top trending stocks on Stocktwits at press time.
Related Link: You Ask, We Analyze: The Bull And Bear Case For Sundial Growers Stock
Sundial is engaged in producing and marketing cannabis for the adult-use market.
SNDL 52-Week Range: $0.34 - $1.49
The stock was up 16.9% at 45 cents at press time, according to data from Benzinga Pro.
Photo: NickyPe from Pixabay.
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