Sundial Growers Inc (NASDAQ: SNDL) The shares traded with a 14% drop in massive volume in an extremely volatile trading session on Thursday, after the company became one of the last stocks targeted by online retail stock broker communities, led by the Reddit WallStreetBets community.
Barstool Sports founder Dave Portnoy took a big shower in his first round of meme shopping on WallStreetBets, but Portnoy said he quickly won $ 50,000 in and out of Sundial on Thursday.
What happened? Portnoy first discussed a 377,000 stake in Sundial on February 3. While it is unclear what his entry point was in that position, Portnoy would have won more than $ 500 million from February 3 to 11 if he had maintained the entire stake.
On Thursday morning, Portnoy tweeted that he was “back to $ sndl because I love the rush”
About 25 minutes later, Portnoy indicated that he had reversed the volatile stocks for a big gain.
Sundial shares are now up 500% overall in the past three months.
I just sold $ sndl. He did a quick 50k. That’s how you do it, boys. #ddtg https://t.co/7NtyyY8lvD
– Dave Portnoy (@stoolpresidente) February 11, 2021
Because it’s important: Portnoy has attracted many followers since the COVID-19 pandemic, making an opportunistic pivot of sport for commerce. The cancellation of all major sporting events could have been devastating for Barstool’s business and brand. Instead, Portnoy started doing daily live broadcasts focused on the stock market, calling himself “Davey Day Trader”.
Portnoy had many ups and downs in the stock market last year, but it built Barstool’s audience and boosted the stock price of Barstool’s parent company. Penn National Gaming, Inc (NYSE: PENN) along the way.
See also: The rise and fall of meme stocks
Benzinga’s opinion: Portnoy reported having lost $ 700,000 in WallStreetBets “meme stocks”, such as GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC) and others during the short tightening period in late January.
Penn’s shares more than tripled last year, however, due in large part to the launch of the sports betting app Barstool and Portnoy’s antics as Davey Day Trader.
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