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Sundial Growers Inc (NASDAQ: SNDL) Shares fell 14% on massive volume in an extremely volatile trading session on Thursday after the company became one of the latest stocks targeted by online securities trading communities, run by the Reddit WallStreetBets community.
Barstool Sports founder Dave Portnoy took a major dip in his first round of WallStreetBets meme stock purchases, but Portnoy said he quickly earned $ 50,000 to get in and out of the sundial on Thursday.
What happened? Portnoy first discussed a 377,000 share stake in Sundial on February 3. While it’s not clear what his point of entry into this position was, Portnoy would have earned over $ 500 million from Feb. 3 through Feb. 11 had he kept the stake set.
On Thursday morning, Portnoy tweeted that he was “back in $ sndl because I love the rush.”
About 25 minutes later, Portnoy reported that he had reversed the volatile stock for a big gain.
Sundial shares are now up 500% in the past three months.
Just sold $ sndl. Did a quick 50k. This is how you do it boys. #ddtg https://t.co/7NtyyY8lvD
– Dave Portnoy (@stoolpresidente) February 11, 2021
Why this is important: Portnoy has attracted huge success since the COVID-19 pandemic struck by making an opportunistic pivot from sport to commerce. The cancellation of all major sporting events could have been devastating to Barstool’s business and brand. Instead, Portnoy started doing daily live broadcasts with a focus on the stock market, calling himself “Davey Day Trader”.
Portnoy has seen a lot of ups and downs in the stock market over the past year, but he has built the audience for Barstool and raised the share price of parent Barstool. Penn National Gaming, Inc (NYSE: PENN) en route.
See also: The rise and fall of memes stocks
Taking Benzinga: Portnoy reported losing $ 700,000 in WallStreetBets’ meme stocks as GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC) and others during the short squeeze period in late January.
However, Penn’s shares have more than tripled in the past year, thanks in large part to the launch of the sportsbook app Barstool and Portnoy’s antics as Davey Day Trader.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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