Mission Produce (NASDAQ:AVO) Director Acquires $790,683.75 in Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Bruce Taylor bought 70,283 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $11.25 per share, with a total value of $790,683.75. Following the completion of the transaction, the director directly owned 855,842 shares in the company, valued at $9,628,222.50. This represents a 8.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Mission Produce Stock Up 2.8%

AVO stock traded up $0.32 during trading on Tuesday, reaching $11.71. 1,484,102 shares of the stock were exchanged, compared to its average volume of 1,082,074. The firm’s 50 day moving average is $12.40 and its 200 day moving average is $12.88. The firm has a market cap of $1.03 billion, a P/E ratio of 36.59 and a beta of 0.51. 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, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53.

Mission Produce declared that its Board of Directors has initiated a share repurchase program on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Mission Produce

Several large investors have recently bought and sold shares of the stock. Quarry LP bought a new stake in shares of Mission Produce in the 3rd quarter worth $29,000. Leonteq Securities AG bought a new position in shares of Mission Produce during the fourth quarter valued at about $31,000. GAMMA Investing LLC boosted its holdings in Mission Produce by 87.1% during the fourth quarter. GAMMA Investing LLC now owns 4,589 shares of the company’s stock worth $53,000 after purchasing an additional 2,136 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings 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 purchasing an additional 3,158 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings 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 purchasing an additional 5,792 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.