Why Is SunOpta (STKL) Stock Rocketing Higher Today

Kayode Omotosho /
2024/05/09 1:51 pm EDT

What Happened:

Shares of plant-based food and beverage company SunOpta (NASDAQGS:STKL) jumped 15.1% in the morning session after the company reported a "beat and raise" quarter. First-quarter results blew past analysts' revenue expectations, due to a 23.5% volume growth partially offset by a 5% price reduction for pass-through commodity pricing. EPS was inline with expectations. Its full-year revenue guidance also came in higher than Wall Street's estimates (raised from $685 million to $700 million). Zooming out, we think this was a fantastic quarter that should have shareholders cheering.

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What is the market telling us:

SunOpta's shares are not very volatile than the market average and over the last year have had only 26 moves greater than 5%. Moves this big are very rare for SunOpta and that is indicating to us that this news had a significant impact on the market's perception of the business.

SunOpta is up 7.4% since the beginning of the year, but at $5.95 per share it is still trading 26.6% below its 52-week high of $8.11 from May 2023. Investors who bought $1,000 worth of SunOpta's shares 5 years ago would now be looking at an investment worth $1,413.

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