Why Sundial Growers Stock Plunged 15% in March

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Shares of Sundial Growers (NASDAQ: SNDL) fell 15% last month, according to data provided by S&P Global Market Intelligence, after the cannabis company moved to further dilute shareholders and an analyst issued a dire forecast for its stock.

Canaccord Genuity analyst Shaan Mir cut his rating on Sundial from hold to sell on March 19. Mir placed a $0.65 price target on the marijuana stock, representing potential losses for investors of roughly 55% from its price at that time. Mir’s bearish forecast came after Sundial’s fourth-quarter financial report, which saw its net revenue fall 6% year over year, to 13.9 million Canadian dollars ($11 million). 

Sundial Growers’ stock price has pulled back violently in recent weeks. Image source: Getty Images.

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