SunOpta (NASDAQ:STKL) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• SunOpta's share price recently exceeded its 200-day moving average, indicating potential bullish momentum, with the stock trading at $5.84.
• The company reported quarterly earnings of $0.04 per share, beating analysts' expectations, along with a revenue of $191.49 million for the quarter.
• Institutional investors hold 85.39% of SunOpta's stock, with several hedge funds increasing their stakes significantly in the first quarter.

SunOpta, Inc. (NASDAQ:STKL - Get Free Report) TSE: SOY's share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.66 and traded as high as $5.91. SunOpta shares last traded at $5.84, with a volume of 372,217 shares traded.

SunOpta Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.39 and a debt-to-equity ratio of 1.46. The company has a market cap of $705.12 million, a PE ratio of -97.33 and a beta of 1.35. The firm has a 50 day moving average of $6.21 and a two-hundred day moving average of $5.66.

SunOpta (NASDAQ:STKL - Get Free Report) TSE: SOY last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $191.49 million for the quarter, compared to the consensus estimate of $185.36 million. SunOpta had a positive return on equity of 12.82% and a negative net margin of 0.66%. Research analysts predict that SunOpta, Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SunOpta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its position in SunOpta by 120.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 84,266 shares of the company's stock valued at $410,000 after acquiring an additional 46,068 shares in the last quarter. Peregrine Capital Management LLC lifted its position in SunOpta by 30.7% in the 1st quarter. Peregrine Capital Management LLC now owns 1,084,518 shares of the company's stock valued at $5,271,000 after acquiring an additional 254,800 shares in the last quarter. Rhumbline Advisers lifted its position in SunOpta by 5.1% in the 1st quarter. Rhumbline Advisers now owns 147,519 shares of the company's stock valued at $717,000 after acquiring an additional 7,209 shares in the last quarter. Mackenzie Financial Corp lifted its position in SunOpta by 20.6% in the 1st quarter. Mackenzie Financial Corp now owns 337,523 shares of the company's stock valued at $1,637,000 after acquiring an additional 57,688 shares in the last quarter. Finally, Wesbanco Bank Inc. lifted its position in SunOpta by 203.6% in the 1st quarter. Wesbanco Bank Inc. now owns 193,100 shares of the company's stock valued at $938,000 after acquiring an additional 129,500 shares in the last quarter. 85.39% of the stock is owned by 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.

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