5 Cheap Food Stocks to Buy

1. SunOpta Inc. (NASDAQ:STKL)

Upside Potential as of April 1: 55.84%

Average Price Target as of April 1: $12

Number of Hedge Fund Holders: 22

SunOpta Inc. (NASDAQ:STKL) manufactures and sells plant-based and fruit-based food and beverage products. The company is based in Eden Prairie, Minnesota.

Wall Street analysts see SunOpta Inc. (NASDAQ:STKL) as a Moderate Buy and have placed an average price target of $12 on the shares. The stock was trading at $7.7 on April 1, so the average price target gives the shares an upside potential of 55.84%. Additionally, the shares were also trading at an EV/Revenue (TTM) multiple of 1.4 on April 1, further showing how undervalued they are at present.

In total, 22 hedge funds were long SunOpta Inc. (NASDAQ:STKL) in the fourth quarter, with a total stake value of $294 million.

Diamond Hill Capital, an investment management company, mentioned SunOpta Inc. (NASDAQ:STKL) in its third-quarter 2022 investor letter. Here’s what the firm said:

“On an individual holdings basis, top contributors to return included WESCO International, Mr. Cooper Group and SunOpta Inc. (NASDAQ:STKL). SunOpta is a leading global company focused on natural food, ingredient sourcing, organic food and specialty foods. Revenue growth has been driven by strong demand for its plant-based products, and the company’s pricing power has mitigated the impact of inflation.”

See also Largest Food and Beverage Companies in the World and 12 Best Food Dividend Stocks To Buy.