SunOpta (NASDAQ:STKL) Shares Gap Up After Earnings Beat

SunOpta Inc. (NASDAQ:STKL) (TSE:SOY) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $4.53, but opened at $5.56. SunOpta shares last traded at $5.92, with a volume of 1,530,824 shares trading hands.

The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. SunOpta had a negative net margin of 2.74% and a positive return on equity of 7.92%. The business had revenue of $201.63 million during the quarter, compared to the consensus estimate of $195.09 million.

Analyst Ratings Changes

Separately, StockNews.com upgraded SunOpta from a “sell” rating to a “hold” rating in a report on Tuesday, March 11th.

Insider Activity

In related news, SVP Bryan P. Clark sold 8,500 shares of SunOpta stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $5.32, for a total value of $45,220.00. Following the completion of the sale, the senior vice president now owns 28,150 shares in the company, valued at approximately $149,758. This trade represents a 23.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC increased its stake in SunOpta by 103.3% during the third quarter. Barclays PLC now owns 178,954 shares of the company’s stock worth $1,142,000 after purchasing an additional 90,937 shares during the period. JPMorgan Chase & Co. increased its position in shares of SunOpta by 12.3% during the third quarter. JPMorgan Chase & Co. now owns 515,170 shares of the company’s stock worth $3,287,000 after acquiring an additional 56,621 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of SunOpta by 65.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,761,922 shares of the company’s stock valued at $13,567,000 after acquiring an additional 698,004 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of SunOpta by 39.3% in the fourth quarter. Ballentine Partners LLC now owns 30,664 shares of the company’s stock valued at $236,000 after acquiring an additional 8,652 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in SunOpta by 1.1% in the fourth quarter. SG Americas Securities LLC now owns 1,012,814 shares of the company’s stock valued at $7,799,000 after purchasing an additional 10,582 shares during the period. 85.39% of the stock is currently owned by hedge funds and other institutional investors.

SunOpta Price Performance

The company has a 50 day moving average of $4.71 and a 200 day moving average of $6.43. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.53 and a current ratio of 1.20. The stock has a market capitalization of $725.72 million, a price-to-earnings ratio of -33.66 and a beta of 1.50.

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.