SunOpta Inc. (NASDAQ:STKL) Sees Large Drop in Short Interest

SunOpta Inc. (NASDAQ:STKL) (TSE:SOY) was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totalling 5,950,000 shares, a decline of 23.0% from the March 31st total of 7,730,000 shares. Based on an average trading volume of 826,300 shares, the days-to-cover ratio is currently 7.2 days.

SunOpta Stock Up 2.1 %

Shares of STKL stock traded up $0.14 on Friday, hitting $6.69. 719,437 shares of the stock were exchanged, compared to its average volume of 756,753. The company has a quick ratio of 0.65, a current ratio of 1.19 and a debt-to-equity ratio of 1.48. SunOpta has a one year low of $2.79 and a one year high of $8.56. The firm’s 50 day moving average is $6.48 and its two-hundred day moving average is $5.54.

SunOpta (NASDAQ:STKL) (TSE:SOY) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.04. The company had revenue of $181.62 million during the quarter, compared to the consensus estimate of $165.10 million. SunOpta had a positive return on equity of 4.05% and a negative net margin of 22.85%. On average, equities analysts expect that SunOpta will post 0.14 earnings per share for the current year.

Insider Activity

In other news, insider Joseph Ennen sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $6.89, for a total transaction of $1,033,500.00. Following the completion of the sale, the insider now owns 1,743,399 shares in the company, valued at $12,012,019.11. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Joseph Ennen sold 150,000 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $6.89, for a total transaction of $1,033,500.00. Following the completion of the sale, the insider now owns 1,743,399 shares in the company, valued at $12,012,019.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian W. Kocher purchased 36,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were bought at an average price of $6.75 per share, with a total value of $243,000.00. Following the acquisition, the chief executive officer now directly owns 36,000 shares of the company’s stock, valued at approximately $243,000. The disclosure for this purchase can be found here. Corporate insiders own 6.48% of the company’s stock.

Hedge Funds Weigh In On SunOpta

A number of large investors have recently modified their holdings of STKL. Signaturefd LLC raised its holdings in shares of SunOpta by 67.4% during the 3rd quarter. Signaturefd LLC now owns 7,663 shares of the company’s stock valued at $26,000 after buying an additional 3,085 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in SunOpta by 50.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,189 shares of the company’s stock worth $34,000 after purchasing an additional 3,439 shares during the period. Evergreen Capital Management LLC purchased a new position in SunOpta in the 3rd quarter worth approximately $37,000. Regal Investment Advisors LLC purchased a new position in SunOpta in the 3rd quarter worth approximately $42,000. Finally, NBC Securities Inc. purchased a new position in SunOpta in the 4th quarter worth approximately $65,000. 85.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on STKL shares. Canaccord Genuity Group raised their target price on SunOpta from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. DA Davidson raised their target price on SunOpta from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Finally, BMO Capital Markets raised their target price on SunOpta from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.40.

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.