Sundial Growers Inc (NASDAQ:SNDL) Stock Is All Set To Gap-Up: Here is Why
The action during premarket trading period is almost always a good indicator of the rest of the day and by that principle, it might be a good move for investors to take a look at the Sundial Growers stock this morning.
Market Stats
On Thursday, SNDL stock surged 6.26% at $0.72 with more than 164.15 million shares, compared to its average volume of 85.51 million shares. The stock has moved within a range of $0.6835 – 0.7289 after opening the trade at $0.6851. Moreover, the stock is up another 23% in the pre-market session.
Announces Share Repurchase Program
The Sundial Growers Inc (NASDAQ:SNDL) stock has come into sharp focus in the premarket trading period today and has managed to clock gains of as much as 23%. In this regard, it should be noted that yesterday the company was in the news after the company announced that a new share buyback programmed had been approved by its board of directors.
The company noted that it will be repurchasing as much as C$100 million worth of its outstanding shares from time to time at market prices in order to return significant value to its shareholders.
A share buyback programme is generally seen as a highly rewarding move by way of which a company gives back cash to its shareholders and hence, the rally in the stock this morning is perhaps not a surprise. It now remains to be seen if the stock can continue to be on the upward curve over the course of the coming days.
Traders Corner
SNDL stock is trading above the 20-Day and 50-Day Moving averages of $0.68 and $0.69 respectively. However, the stock is trading below the 200-Day moving average of $0.94. The stock is up 10% in the past week.
