Mission Produce, Inc. (NASDAQ:AVO) Given Average Recommendation of “Moderate Buy” by Analysts

Mission Produce, Inc. (NASDAQ:AVO) has earned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $16.6667.

AVO has been the subject of a number of analyst reports. Weiss Ratings lowered Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. UBS Group set a $16.00 price target on shares of Mission Produce in a research note on Wednesday, June 10th. Finally, Freedom Capital upgraded shares of Mission Produce to a “strong-buy” rating in a research note on Thursday, March 19th.

Insider Activity at Mission Produce

In other Mission Produce news, Director Bruce C. Taylor bought 300,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were acquired at an average cost of $11.29 per share, for a total transaction of $3,387,000.00. Following the purchase, the director owned 455,842 shares in the company, valued at approximately $5,146,456.18. This trade represents a 192.50% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jay A. Pack bought 40,000 shares of Mission Produce stock in a transaction on Tuesday, June 30th. The stock was acquired at an average cost of $12.10 per share, with a total value of $484,000.00. Following the acquisition, the director owned 579,965 shares in the company, valued at approximately $7,017,576.50. This represents a 7.41% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 929,702 shares of company stock valued at $10,490,901. 30.85% of the stock is owned by corporate insiders.

Institutional Trading of Mission Produce

A number of institutional investors have recently made changes to their positions in AVO. Rubric Capital Management LP purchased a new position in shares of Mission Produce during the first quarter valued at approximately $23,756,000. Platform Wealth Management LLC purchased a new stake in Mission Produce during the 4th quarter valued at $12,130,000. Bank of America Corp DE lifted its holdings in shares of Mission Produce by 809.2% during the 1st quarter. Bank of America Corp DE now owns 444,135 shares of the company’s stock valued at $6,111,000 after buying an additional 395,287 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Mission Produce by 12.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company’s stock worth $41,614,000 after buying an additional 334,629 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Mission Produce by 437.3% in the first quarter. Quantinno Capital Management LP now owns 361,837 shares of the company’s stock worth $4,979,000 after acquiring an additional 294,494 shares during the period. Hedge funds and other institutional investors own 63.57% of the company’s stock.

Mission Produce Price Performance

Shares of AVO opened at $12.44 on Thursday. Mission Produce has a fifty-two week low of $10.07 and a fifty-two week high of $15.53. The firm’s 50-day simple moving average is $12.09 and its two-hundred day simple moving average is $12.88. The stock has a market cap of $1.10 billion, a PE ratio of 38.88 and a beta of 0.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91.

Mission Produce announced that its Board of Directors has authorized a stock buyback plan on Monday, June 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 13.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.