Sundial Growers Inc. (NASDAQ: SNDL) shares declined 14% in an extremely volatile trading session on Thursday, after the company became one of the latest stocks by communities of online traders led by the Reddit WallStreetBets community.
Barstool Sports founder Dave Portnoy took a big bath during his first round of WallStreetBets share purchases, but Portnoy said he quickly earned $ 50,000 in and out of Sundial on Thursday.
What happened? Portnoy first discussed a 377,000 stake in Sundial on February 3rd. Although it is not clear what his entry into the position was, Portnoy would have earned more than $ 500 million from February 3 to 11 if he had kept all the money. games.
On Thursday morning, Portnoy tweeted that he was “back in $ sndl, because I like the rush.”
About 25 minutes later, Portnoy indicated that he had reversed the volatile stock for a big profit.
Sun shares have now risen by 500% over the past three months.
Just sold $ sndl. Made a quick 50k. This is how you do it boys. #ddtg https://t.co/7NtyyY8lvD
– Dave Portnoy (@stoolpresidente) 11 February 2021
Why it’s important: Portnoy has gained a huge following since the COVID-19 pandemic by making an opportunistic pivot from sport to trade. The cancellation of all major sporting events could have been devastating for Barstool’s business and brand. Instead, Portnoy started doing daily live streams that focused on the stock market and called itself ‘Davey Day Trader’.
Portnoy has had a lot of ups and downs in the stock market over the past year, but he has built up Barstool’s audience and increased the share price of Barstool parent Penn National Gaming, Inc. (NYSE: PENN) along the way.
See also: The rise and fall of meme stocks
Benzinga’s name: Portnoy reports losing $ 700,000 in WallStreetBets ‘meme shares’ GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Ing (NYSE: AMC) and others during the short printing period at the end of January.
Penn’s shares have more than tripled in the past year, largely due to the launch of the Barstool Sports Betting app and Portnoy’s antics as Davey Day Trader.
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