Typically, social media forums dedicated to publicly traded investments — especially the meme-trade variety — represent some of the worst things you can find on the internet before you get into the illegal stuff. Case in point is Sundial Growers (NASDAQ:SNDL), which enjoyed a massive following, resulting in a seemingly endless stream of toxicity, all to uphold the honor of SNDL stock.
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Even if you go on these forums now, you’ll still encounter the limitless bounty of positivity, replete with bizarre gifs. However, from my quick look-see of StockTwits, I noticed a subtle change. Some of the biggest proponents of SNDL stock were finally admitting to what casual observers of the security have been witnessing for some time: holding onto a sinking ship is a bummer.
Its still January yet Sundial shares are down 20.7% on a year-to-date basis. Over the trailing month, SNDL stock shed 28% while over the half-year period, it’s hemorrhaged nearly 42%. Plain and simple, the cannabis specialist will need a meme-sized miracle to get out of this mess and start making its loyalist army whole again.
Interestingly, the stats above don’t represent the worst of what may lie ahead on a trailing-year comparison. On Feb. 10, 2021, SNDL stock closed a nickel under $3. Therefore, next month is looking rather ominous if you’re a numbers person.
Plus, things could really sour if Sundial Growers doesn’t generate upside momentum…
