Sundial Growers Inc. (NASDAQ:SNDL) stock observed trading -95.31% off 52-week high price. On the other end, the stock has been noted 33.17% away from low price over the last 52-weeks. The stock disclosed a move of -44.34% away from 50 day moving average and -84.38% away from 200 day moving average. Moving closer, we can see that shares have been trading -12.62% off 20-day moving average. It has market cap of $69.76M.
On April 9, 2020, Sundial Growers Inc. (NASDAQ:SNDL) notified changes to its operations to improve liquidity and lower its cost structure, in response to current market conditions and the COVID-19 pandemic. These changes include a focus on accelerating the monetization of inventory, further reductions to its workforce and the temporary curtailment of cultivation and harvest activities, while maintaining current processing levels to meet anticipated demand.
We have taken significant actions to restructure our business over the last few months to drive operational efficiencies and adapt to current market conditions, said Zach George, Sundial’s Chief Executive Officer. Reducing our cultivation and harvest activities while drawing down inventory are strategic choices we are making to improve cash conversion and control our variable production costs. These actions are consistent with Sundial’s long-term goals of reaching sustainable profitability and optimizing our asset base.
On January 30th, Sundial announced an annualized cost reduction target of $10-15 million. Management has surpassed this target, and with these additional labour adjustments expects to realize annualized net cost reductions of approximately $28 million. The cost reduction initiatives include reductions in workforce, enhancing facility workflows and processes, eliminating all non-essential spend and pausing all new hiring, with the exception of a very small number of critical roles to be filled.
The Canada based company Sundial Growers Inc. moved with change of 10.70% to $0.62 with the total traded volume of 1401444 shares in recent session versus to an average volume of 1.57M shares. The stock was observed in the 5 days activity at 25.59%. The one month performance of stock was -31.95%. SNDL’s shares are at -79.34% for the quarter is now at -79.41% since this point in 2018. The average volatility for the week and month was at 13.45% and 23.20% respectively. There are 112.53M shares outstanding and 70.88M shares are floated in market.