SunOpta (NASDAQ:STKL) Stock Price Up 8.2% – Here’s Why

SunOpta Inc. (NASDAQ:STKL) (TSE:SOY)’s stock price rose 8.2% during trading on Thursday . The stock traded as high as $6.34 and last traded at $6.34. Approximately 206,354 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 793,815 shares. The stock had previously closed at $5.86.

Analysts Set New Price Targets

STKL has been the subject of several analyst reports. StockNews.com downgraded shares of SunOpta from a “hold” rating to a “sell” rating in a report on Friday. DA Davidson reissued a “buy” rating and issued a $9.00 price target on shares of SunOpta in a report on Thursday, October 10th.

SunOpta Price Performance

The company has a current ratio of 1.27, a quick ratio of 0.61 and a debt-to-equity ratio of 1.67. The business’s 50 day moving average price is $6.23 and its two-hundred day moving average price is $5.86. The stock has a market cap of $812.26 million, a P/E ratio of -4.89 and a beta of 1.83.

SunOpta (NASDAQ:STKL) (TSE:SOY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $171.00 million for the quarter, compared to analyst estimates of $159.95 million. SunOpta had a negative net margin of 23.23% and a positive return on equity of 6.51%. SunOpta’s quarterly revenue was down 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts expect that SunOpta Inc. will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of SunOpta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in SunOpta by 1.1% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,064,115 shares of the company’s stock valued at $27,346,000 after buying an additional 56,560 shares during the last quarter. Hodges Capital Management Inc. boosted its position in shares of SunOpta by 11.2% in the second quarter. Hodges Capital Management Inc. now owns 3,198,624 shares of the company’s stock worth $17,273,000 after purchasing an additional 323,397 shares during the period. Blair William & Co. IL boosted its position in shares of SunOpta by 77.0% in the first quarter. Blair William & Co. IL now owns 1,971,345 shares of the company’s stock worth $13,543,000 after purchasing an additional 857,603 shares during the period. Marshall Wace LLP boosted its position in shares of SunOpta by 116.3% in the second quarter. Marshall Wace LLP now owns 1,396,724 shares of the company’s stock worth $7,542,000 after purchasing an additional 751,126 shares during the period. Finally, Millennium Management LLC boosted its position in shares of SunOpta by 52.5% in the second quarter. Millennium Management LLC now owns 1,333,948 shares of the company’s stock worth $7,202,000 after purchasing an additional 459,053 shares during the period. 85.39% of the stock is owned by hedge funds and other institutional investors.

About SunOpta

SunOpta Inc engages in manufacture and sale of plant-based and fruit-based food and beverage products in the United States, Canada, and internationally. The company provides plant-based beverages utilizing oat, almond, soy, coconut, rice, hemp, and other bases under the Dream and West Life brands; oat-based creamers under the SOWN brand; ready-to-drink protein shakes; and nut, grain, seed, and legume based beverages; packaged teas and concentrates; and meat and vegetable broths and stocks.