Why Sundial Growers Stock Jumped, Then Dropped Today
Shares of Canadian marijuana grower Sundial Growers (NASDAQ: SNDL) spiked 13% early Thursday. But buyers backed off, and as of 3:40 p.m. EST, shares reversed course and were down more than 4.8% versus Wednesday's closing price.
The stock was likely caught up in a resurgence of the Reddit-inspired retail trades early in the day. When names like GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) soared earlier this month from chatroom buying interest, some speculative pot stocks like Sundial moved in tandem. After today's spike wore off, shares moved down with no real company-specific news.
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Source Fool.com
