Short Interest in SunOpta Inc. (NASDAQ:STKL) Declines By 21.2%

SunOpta Inc. (NASDAQ:STKL) (TSE:SOY) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 5,680,000 shares, a drop of 21.2% from the August 15th total of 7,210,000 shares. Based on an average daily volume of 1,180,000 shares, the days-to-cover ratio is currently 4.8 days.

SunOpta Trading Down 0.8 %

NASDAQ STKL opened at $3.90 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.54 and a quick ratio of 0.46. The stock has a market capitalization of $460.71 million, a P/E ratio of -13.93 and a beta of 1.51. The firm’s 50-day moving average is $5.17 and its two-hundred day moving average is $6.71. SunOpta has a 12 month low of $3.62 and a 12 month high of $11.67.

SunOpta (NASDAQ:STKL) (TSE:SOY) last issued its quarterly earnings data on Wednesday, August 9th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The company had revenue of $207.81 million during the quarter, compared to analyst estimates of $225.00 million. SunOpta had a positive return on equity of 2.43% and a negative net margin of 3.29%. On average, sell-side analysts anticipate that SunOpta will post 0.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on STKL. Canaccord Genuity Group decreased their price target on shares of SunOpta from $14.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, August 11th. StockNews.com assumed coverage on SunOpta in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Stephens began coverage on shares of SunOpta in a research report on Thursday, June 22nd. They issued an “overweight” rating and a $10.00 target price for the company. BMO Capital Markets cut their price objective on shares of SunOpta from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday, August 10th. Finally, TheStreet cut shares of SunOpta from a “c-” rating to a “d+” rating in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, SunOpta presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Insider Transactions at SunOpta

In related news, Director Lovas Katrina Houde sold 45,000 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $4.40, for a total transaction of $198,000.00. Following the sale, the director now directly owns 201,586 shares of the company’s stock, valued at $886,978.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in SunOpta by 11.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,321 shares of the company’s stock worth $103,000 after acquiring an additional 1,409 shares in the last quarter. State Street Corp boosted its stake in shares of SunOpta by 4.4% in the first quarter. State Street Corp now owns 36,947 shares of the company’s stock valued at $185,000 after purchasing an additional 1,572 shares during the period. Quantum Private Wealth LLC grew its holdings in shares of SunOpta by 4.8% in the first quarter. Quantum Private Wealth LLC now owns 35,132 shares of the company’s stock valued at $271,000 after purchasing an additional 1,618 shares in the last quarter. Van ECK Associates Corp increased its stake in SunOpta by 16.8% during the 1st quarter. Van ECK Associates Corp now owns 12,828 shares of the company’s stock worth $99,000 after buying an additional 1,843 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in SunOpta by 15.4% during the 1st quarter. First Trust Direct Indexing L.P. now owns 14,249 shares of the company’s stock worth $110,000 after buying an additional 1,901 shares in the last quarter. 97.48% of the stock is currently 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 to retailers, foodservice operators, branded food companies, and food manufacturers in the United States, Canada, and internationally. The company operates through Plant-Based Foods and Beverages, and Fruit-Based Foods and Beverages segments.