Mission Produce (NASDAQ:AVO) Shares Gap Up on Insider Buying Activity

Mission Produce, Inc. (NASDAQ:AVO)’s stock price gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $11.81, but opened at $12.25. Mission Produce shares last traded at $12.0650, with a volume of 83,297 shares changing hands.

Specifically, Director Luis Gonzalez bought 22,026 shares of the business’s stock in a transaction on Monday, October 12th. The shares were purchased at an average price of $11.22 per share, with a total value of $247,131.72. Following the completion of the acquisition, the director directly owned 7,026,165 shares of the company’s stock, valued at approximately $78,833,571.30. The trade was a 0.31% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Luis Gonzalez bought 29,996 shares of the firm’s stock in a transaction on Friday, October 9th. The stock was bought at an average price of $11.59 per share, with a total value of $347,653.64. Following the completion of the purchase, the director owned 7,004,139 shares of the company’s stock, valued at $81,177,971.01. This trade represents a 0.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Wall Street Analyst Weigh In

AVO has been the subject of several recent research reports. Stephens reaffirmed an “overweight” rating and set a $15.00 target price on shares of Mission Produce in a report on Friday, October 9th. Weiss Ratings raised Mission Produce from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Wall Street Zen raised Mission Produce from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Finally, Roth Capital restated a “buy” rating and set a $17.00 price objective on shares of Mission Produce in a research report on Thursday, September 10th. One equities research 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 company’s stock. According to data from MarketBeat.com, Mission Produce currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Mission Produce Stock Up 2.5%

The firm’s 50-day moving average price is $12.78 and its 200 day moving average price is $12.76. The firm has a market cap of $1.06 billion, a P/E ratio of 403.57 and a beta of 0.43. The company has a quick ratio of 1.24, a current ratio of 1.92 and a debt-to-equity ratio of 0.52.

Mission Produce (NASDAQ:AVO) last released its quarterly earnings data on Tuesday, September 8th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.06. The business had revenue of $450.00 million for the quarter, compared to analysts’ expectations of $367.57 million. Mission Produce had a net margin of 0.12% and a return on equity of 5.91%. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 EPS. As a group, research analysts expect that Mission Produce, Inc. will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in shares of Mission Produce in the second quarter worth $26,000. Quantbot Technologies LP acquired a new position in shares of Mission Produce during the second quarter valued at $44,000. Virtus Advisers LLC bought a new stake in shares of Mission Produce during the second quarter valued at about $106,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Mission Produce during the second quarter valued at about $140,000. Finally, Amundi bought a new stake in shares of Mission Produce during the first quarter valued at about $192,000. 63.57% of the stock is owned by institutional investors and hedge funds.

Mission Produce Company Profile

Mission Produce, Inc is a global avocado sourcing, distribution and marketing company headquartered in Oxnard, California. The company supplies fresh avocados to retailers, foodservice operators, wholesalers and other customers, managing activities that include procurement, quality control, ripening, packaging and distribution.

Mission Produce sources avocados from growing regions in North and South America and other international markets. Its operations are supported by ripening and distribution facilities designed to provide customers with avocados at different stages of readiness.