Insider Buying: Mission Produce (NASDAQ:AVO) Major Shareholder Purchases 687,222 Shares

Mission Produce, Inc. (NASDAQ:AVO) major shareholder Holdings Venture Globalharvest bought 687,222 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were bought at an average price of $13.42 per share, for a total transaction of $9,222,519.24. Following the completion of the transaction, the insider directly owned 12,370,439 shares of the company’s stock, valued at $166,011,291.38. This represents a 5.88% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Holdings Venture Globalharvest also recently made the following trade(s):

• On Tuesday, July 7th, Holdings Venture Globalharvest acquired 491,865 shares of Mission Produce stock. The stock was bought at an average cost of $13.40 per share, for a total transaction of $6,590,991.00.
• On Monday, July 6th, Holdings Venture Globalharvest acquired 650,415 shares of Mission Produce stock. The shares were bought at an average cost of $12.73 per share, for a total transaction of $8,279,782.95.

Mission Produce Stock Performance

Shares of NASDAQ:AVO traded down $0.15 during mid-day trading on Thursday, reaching $13.35. 2,070,202 shares of the company traded hands, compared to its average volume of 1,130,773. The company’s 50 day moving average price is $12.02 and its 200-day moving average price is $12.88. The firm has a market cap of $1.18 billion, a PE ratio of 41.72 and a beta of 0.49. Mission Produce, Inc. has a 52 week low of $10.07 and a 52 week high of $15.53. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12.

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

Institutional Investors Weigh In On Mission Produce

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in shares of Mission Produce in the 3rd quarter worth about $29,000. Leonteq Securities AG bought a new position in shares of Mission Produce in the 4th quarter valued at about $31,000. GAMMA Investing LLC grew its position in Mission Produce by 87.1% in the fourth quarter. GAMMA Investing LLC now owns 4,589 shares of the company’s stock worth $53,000 after acquiring an additional 2,136 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Mission Produce by 211.8% during the second quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock worth $54,000 after acquiring an additional 3,158 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in Mission Produce by 466.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company’s stock worth $82,000 after acquiring an additional 5,792 shares during the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AVO shares. Freedom Capital raised shares of Mission Produce to a “strong-buy” rating in a research note on Thursday, March 19th. Weiss Ratings downgraded shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. UBS Group set a $16.00 price target on Mission Produce in a research note on Wednesday, June 10th. Finally, Wall Street Zen downgraded Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.67.

Mission Produce Company Profile

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.