5 Meme Stocks Redditors are Buying in April

In this article, we discuss the 5 meme stocks Redditors are buying in April. If you want to read about some more meme stocks popular on Reddit, go directly to 10 Meme Stocks Redditors are Buying in April. 

5. Sundial Growers Inc. (NASDAQ:SNDL)

Number of Hedge Fund Holders: 8     

Sundial Growers Inc. (NASDAQ:SNDL) makes and sells cannabis products. In August last year, the firm was issued a notice by the NASDAQ exchange after the shares remained under $1 at the close of 30 consecutive trading days. Despite a nearly six-month deadline to regain compliance, the firm has failed to meet the targets. However, in February, it announced that the exchange had granted the firm another six months to regain compliance. There are reports that the firm is considering a reverse stock split to meet the minimum requirements. 

Sundial Growers Inc. (NASDAQ:SNDL) stock has gained recently after the US House of Representatives cleared a key bill that aims to legalize marijuana at the federal level. A previous version of the bill also cleared the House but was not approved in the Senate. 

At the end of the fourth quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $10 million in Sundial Growers Inc. (NASDAQ:SNDL), compared to 7 the preceding quarter worth $8 million.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Sundial Growers Inc. (NASDAQ:SNDL) with 8 million shares worth more than $4.7 million.