Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

SNDL INC (SNDL)

107 + Investors. Track Smart Money conviction in SNDL. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -9
Streak
1Q ▼
Buyers last Q
50%

Smart Money Signals — SNDL

Based on 116 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their SNDL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 93% of 3.0Y peak

93% of all-time peak
116 funds currently hold this stock — 93% of the 3.0-year high of 125 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 5% fewer funds vs a year ago

fund count last 6Q
6 fewer hedge funds hold SNDL compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 50% buying

57 buying56 selling
Last quarter: 57 funds bought or added vs 56 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-9 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 19 → 28 → 28 → 19. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

47% of holders stayed for 2+ years

■ 47% conviction (2yr+) ■ 35% medium ■ 17% new
55 out of 116 hedge funds have held SNDL for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares -1%, value -22%

Value
-21%
Shares
0%
Last quarter: funds added -1% more shares while total portfolio value only changed -22%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~19 new funds/quarter

28 → 19 → 28 → 28 → 19 new funds/Q
New funds entering each quarter: 19 → 28 → 28 → 19. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 56% of holders stayed 2+ years

■ 56% veterans ■ 22% 1-2yr ■ 22% new
Of 123 current holders: 69 (56%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 61% AUM from top-100 funds

61% from top-100 AUM funds
18 of 116 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in SNDL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.1
out of 10
Low Exit Risk
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — SNDL

In 2025 Q4, 57 hedge funds were net buyers of SNDL (19 opened a new position, 38 added to an existing one), while 56 reduced or exited (28 trimmed, 28 sold completely) — a 50% buyer ratio, indicating a slight buying edge. 61% of total institutional value in SNDL is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -9 funds (more exits than new entries). Total institutional holders: 116.

Hedge Fund Ownership: SNDL

How many hedge funds hold SNDL — quarterly history vs. share price
Quarterly hedge fund ownership of SNDL vs. share price

Market Analysis: SNDL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: SNDL

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy SNDL INC (SNDL) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much SNDL has moved relative to its sector benchmark (XLP) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 50d ago
SNDL
+6.3%
XLP
+5.0%

SNDL outperformed XLP by +1.3% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 5d ago
SNDL
-3.5%
XLP
+1.7%

Since the filing became public, SNDL outperformed XLP by -5.2% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

9 top-rated funds 0 high-conviction
Consensus
4.3
/ 10
breadth
×
Elite
0.3
/ 10
conviction
Hedge Fund Positioning: SNDL
107 + Investors

Track Smart Money conviction in SNDL. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 107 116 -7.76%
13F Shares 56M 61M -7.55%
Total Value $73M $128M -42.74%
New Positions 13 19 -6
Increased Positions 32 38 -6
Closed Positions 22 28 -6
Reduced Positions 27 24 +3
Total Calls 3 3 -
Total Puts 3 4 -25.0%
PUT/CALL Ratio 1.0 1.33 Neutral

Statistics: SNDL

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

107 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in SNDL. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of SNDL — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 CANNELL CAPITAL LLC 7.10% 8,761,155 $11.6M
2 AdvisorShares Investments LLC 0.84% 3,509,861 $4.6M
3 Ewing Morris & Co. Investment Partners Ltd. 0.78% 1,301,222 $1.7M
4 Cable Car Capital, LP 0.14% 306,195 $404K
5 State of Wyoming 0.10% 653,604 $863K
6 R Squared Ltd 0.07% 92,503 $122K
7 SkyView Investment Advisors, LLC 0.06% 310,158 —
8 GSA CAPITAL PARTNERS LLP 0.03% 339,068 —
9 Cambria Investment Management, L.P. 0.03% 352,842 $466K
10 Baader Bank Aktiengesellschaft 0.03% 250,718 $330K
11 WINTON GROUP Ltd 0.02% 498,433 $658K
12 Magnus Financial Group LLC 0.02% 168,246 $222K
13 RBF Capital, LLC 0.02% 250,000 $330K
14 Headlands Technologies LLC 0.02% 107,649 $142K
15 Tidal Investments LLC 0.02% 5,510,675 $7.3M
16 JEPPSON WEALTH MANAGEMENT, LLC 0.01% 20,000 $26K
17 OXFORD ASSET MANAGEMENT LLP 0.01% 13,568 $18K
18 EntryPoint Capital, LLC 0.01% 18,271 $24K
19 XTX Topco Ltd 0.01% 260,597 $344K
20 PFS Partners, LLC 0.01% 9,000 $12K
21 Virtu Financial LLC 0.01% 91,431 —
22 Leonteq Securities AG 0.00% 98,629 $130K
23 TWO SIGMA SECURITIES, LLC 0.00% 29,598 $39K
24 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% 2,239,364 $3.0M
25 Quadrature Capital Ltd 0.00% 246,815 $326K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — SNDL INC (SNDL)

What does the Smart Money Trend signal show for SNDL?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their SNDL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for SNDL?

Slight buying edge — 50% buying: Last quarter: 57 funds bought or added vs 56 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for SNDL holders?

Elite ownership — 61% AUM from top-100 funds: 18 of 116 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in SNDL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held SNDL?

47% of holders stayed for 2+ years: 55 out of 116 hedge funds have held SNDL for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy SNDL INC (SNDL) following the 2026 Q1 hedge fund 13F filings?

As of today, SNDL has moved -3.5% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.7% for the XLP sector ETF — an outperformance of -5.2%. Since the quarter end (March 31, 2026), SNDL has gained +6.3% vs +5.0% for XLP. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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