Mission Produce (NASDAQ:AVO) Posts Earnings Results, Misses Estimates By $0.04 EPS

Mission Produce (NASDAQ:AVO) announced its quarterly earnings data on Monday. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04), FiscalAI reports. Mission Produce had a net margin of 2.48% and a return on equity of 8.24%. The business had revenue of $290.90 million during the quarter, compared to analyst estimates of $256.30 million.

Mission Produce Price Performance

Shares of AVO traded down $0.11 during trading hours on Monday, hitting $10.11. The stock had a trading volume of 1,926,016 shares, compared to its average volume of 954,812. The company’s fifty day moving average is $13.09 and its two-hundred day moving average is $12.93. Mission Produce has a 52 week low of $10.07 and a 52 week high of $15.53. The stock has a market capitalization of $716.25 million, a price-to-earnings ratio of 21.98 and a beta of 0.50. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.86 and a quick ratio of 1.19.

Insiders Place Their Bets

In other Mission Produce news, major shareholder Holdings Venture Globalharvest purchased 3,695 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average cost of $11.94 per share, with a total value of $44,118.30. Following the acquisition, the insider directly owned 9,991,577 shares of the company’s stock, valued at approximately $119,299,429.38. This trade represents a 0.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 30.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mission Produce

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PharVision Advisers LLC bought a new stake in Mission Produce during the 3rd quarter worth about $210,000. Brevan Howard Capital Management LP bought a new stake in Mission Produce during the 3rd quarter worth about $154,000. BNP Paribas Financial Markets raised its position in Mission Produce by 141.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,877 shares of the company’s stock worth $143,000 after purchasing an additional 6,956 shares during the last quarter. Magnetar Financial LLC raised its position in Mission Produce by 12.6% in the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock worth $146,000 after purchasing an additional 1,351 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Mission Produce in the 3rd quarter worth approximately $177,000. 63.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on AVO shares. Weiss Ratings restated a “hold (c)” rating on shares of Mission Produce in a research note on Monday, April 20th. Freedom Capital raised shares of Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Mission Produce currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

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.