Why Sundial Growers Stock Rose 12% in May
May was a busy month for Canadian cannabis company Sundial Growers (NASDAQ: SNDL). It included quarterly results, an acquisition, and more meme stock mania. For investors watching the stock itself, the month seemed like a rollercoaster. Overall for the month of May, Sundial shares rose 12.3%, according to data provided by S&P Global Market Intelligence. But there were some extreme moves in both directions on the way to that outcome.
Over the first three weeks of the month, Sundial shares lost about 17%, extending a downtrend that had been underway as the stock retreated from a spike induced by retail traders banding together to drive up shares of several so-called meme stocks, including Sundial. The company also reported mixed first quarter 2021 financial results and announced a new acquisition.
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Source Fool.com
