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

Shares of Mission Produce, Inc. (NASDAQ:AVO) have received an average rating of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $16.6667.

Several equities research analysts have issued reports on AVO shares. Wall Street Zen lowered shares of Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. UBS Group set a $16.00 price objective on Mission Produce in a report on Wednesday, June 10th. Finally, Weiss Ratings downgraded Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th.

Mission Produce Stock Performance

Shares of AVO opened at $12.42 on Monday. Mission Produce has a 12 month low of $10.07 and a 12 month high of $15.53. The firm has a fifty day simple moving average of $12.02 and a 200 day simple moving average of $12.99. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 38.81 and a beta of 0.49. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22.

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

Insider Buying and Selling at Mission Produce

In related news, Director Bruce C. Taylor purchased 300,000 shares of the stock in a transaction on Monday, June 15th. The shares were purchased at an average price of $11.29 per share, with a total value of $3,387,000.00. Following the transaction, the director directly owned 455,842 shares of the company’s stock, valued at $5,146,456.18. This trade represents a 192.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jay A. Pack acquired 40,000 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were bought at an average price of $12.10 per share, for a total transaction of $484,000.00. Following the purchase, the director owned 579,965 shares in the company, valued at approximately $7,017,576.50. This represents a 7.41% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 3,352,161 shares of company stock worth $42,458,664 over the last ninety days. 30.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Mission Produce

Large investors have recently added to or reduced their stakes in the company. Inspire Investing LLC increased its stake in shares of Mission Produce by 312.3% during the 1st quarter. Inspire Investing LLC now owns 167,220 shares of the company’s stock worth $2,301,000 after purchasing an additional 126,658 shares during the last quarter. Capula Management Ltd acquired a new stake in Mission Produce in the 1st quarter valued at about $3,550,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in Mission Produce during the first quarter worth about $1,183,000. Dean Capital Management bought a new position in Mission Produce during the first quarter worth about $2,058,000. Finally, Platform Wealth Management LLC acquired a new position in Mission Produce during the fourth quarter worth approximately $12,130,000. Institutional investors and hedge funds own 63.57% of the company’s stock.

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.