SunOpta (NASDAQ:STKL) Announces Earnings Results, Hits Estimates

SunOpta (NASDAQ:STKL) (TSE:SOY) released its quarterly earnings data on Wednesday. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02, Briefing.com reports. SunOpta had a positive return on equity of 4.05% and a negative net margin of 22.85%. The firm had revenue of $182.80 million for the quarter, compared to analyst estimates of $168.87 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. SunOpta updated its FY 2024 guidance to EPS.

SunOpta Trading Up 3.7 %

NASDAQ:STKL traded up $0.21 during trading hours on Thursday, hitting $5.86. 3,339,688 shares of the company were exchanged, compared to its average volume of 887,123. The company has a fifty day simple moving average of $6.49 and a 200 day simple moving average of $5.66. SunOpta has a one year low of $2.79 and a one year high of $8.22. The stock has a market capitalization of $693.40 million, a price-to-earnings ratio of -4.11 and a beta of 1.73. The company has a current ratio of 1.19, a quick ratio of 0.65 and a debt-to-equity ratio of 1.48.

Analyst Upgrades and Downgrades

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

Insider Activity

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

SunOpta Company Profile

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.