Ladies and gentlemen, SNDL stock has not had this high of a short interest or utilization since it squeezed to almost $3 per share. Keep in mind this stock’s IPO price started above $10 per share back in 2019.
One thing I’ve learned about investing in momentum stocks is that the data does not lie.
I’m going to go over the Ortex data and provide my personal SNDL stock predictions.
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What Is SNDL Stock?
SNDL stock is the stock for Sundial Growers Inc., a licensed cannabis producer based in Canada that promotes health, happiness, and well-being.
Sundial Growers stock became popular on Reddit’s r/wallstreetbets when retail investors discovered how heavily shorted this stock was.
Retail investors were able to squeeze a few shorts out of their positions, allowing Sundial stock to rise nearly up to $3 per share.
But how soon will it reach $1 again?
Sundial stock is trading just cents below $1 per share.
The last time we saw SNDL stock at $1 per share was back in June.
Friday’s rally pushed the stock to $0.92 with 877,850,670 volume.
The average volume is around 99 million.
Will shorts finally get squeezed out of their positions?
How Do You Buy SNDL Stock?
A few of you may be wondering how to exactly buy SNDL stock.
If you aren’t investing in the stock market yet you’ll need to open a brokerage account first.
Once you set this up and fund your account, you will be ready to go!
You can ready my step by step guide on how to invest in the stock market for beginners here.
But if you’re already holding the stock, lets dive right into the data!
Short Interest Has Been Surging Again
Retail investors all want to know, will SNDL go up again?
I certainly think it will. But it will need momentum from the community to bring it back to life.
See what happened was that when retail investors squeezed some shorts out of their positions, other shorts got in and made money during the selloff.
They were able to borrow high and take profits low.
Is SNDL Stock Being Shorted?
According to Ortex, Sundial’s short interest is a whopping 15.73%.
Sundial sits right in the middle where 10% short interest is considered to be high, and 20% is considered to be extremely high.
The short interest is what tells us how much of the float is being shorted.
So, is SNDL stock being shorted? Absolutely, at 15.73% the stock is heavily shorted.
Utilization Is At Almost 100
Sundial’s utilization is currently at 98.27/100.
The utilization shows us how much of the float is being borrowed.
This means SNDL stock is in high demand for short shares compared to the shares that are available.
Community, this means Sundial can squeeze again.
If the short interest and utilization were low, then we’d know juice has run out.
However, a new wave of short sellers have jumped in on SNDL stock in the past months which means they can certainly be squeezed from their positions too.
All it’s going to take is massive buying pressure to pump the stock back up beyond $1.
And if retail investors hold the stock, well then it can easily establish new levels of support and create a bigger foundation.
Can Sundial Reach $10 Per Share?
Sundial Growers can certainly reach $10 per share, it just needs a community who believes in it.
It cannot be a quick pump and dump like it was the first time.
We took AMC from $2 per share to $70 per share. It fell back down to $30 but it set a higher level of support.
AMC is currently trading around $40 per share.
This happened with GME stock as well. It’s the communities that are holding these stocks up.
If we want to see SNDL stock reach $10 per share, we’ll not only need to buy the stock but we’ll also need to hold it through gains.
And if retail investors don’t take action to pump the stock back up, the company will get there with time.
As for me, I’ve been holding this stock for months now.
I’m excited to see some growth.
Will SNDL Stock Go Up Again?
As long as retail investors continue to buy the stock, Sundial Grower’s stock price will go up again.
My prediction is that as more investors learn about how high the short interest and utilization is again, a bigger community will jump in to squeeze these new shorts from their positions.
For daily short interest updates on SNDL stock, bookmark this page here.
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