Insider Buying: Mission Produce (NASDAQ:AVO) Director Purchases $337,585.12 in Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Bruce Taylor purchased 29,717 shares of Mission Produce stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average cost of $11.36 per share, for a total transaction of $337,585.12. Following the transaction, the director directly owned 785,559 shares of the company’s stock, valued at $8,923,950.24. This represents a 3.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Mission Produce Price Performance

Mission Produce stock traded up $0.32 during mid-day trading on Tuesday, reaching $11.71. 1,484,102 shares of the company were exchanged, compared to its average volume of 1,082,074. The firm has a market cap of $1.03 billion, a PE ratio of 36.59 and a beta of 0.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. The company has a fifty day simple moving average of $12.40 and a 200-day simple moving average of $12.88. Mission Produce, Inc. has a 12 month low of $10.07 and a 12 month high of $15.53.

Mission Produce announced that its board has authorized a share repurchase plan on Monday, June 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 13.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Mission Produce

A number of institutional investors have recently modified their holdings of the business. Rubric Capital Management LP acquired a new position in shares of Mission Produce during the 1st quarter worth $23,756,000. Platform Wealth Management LLC acquired a new stake in Mission Produce in the fourth quarter valued at about $12,130,000. Bank of America Corp DE boosted its stake in Mission Produce by 809.2% in the first quarter. Bank of America Corp DE now owns 444,135 shares of the company’s stock valued at $6,111,000 after buying an additional 395,287 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Mission Produce by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company’s stock valued at $41,614,000 after acquiring an additional 334,629 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in Mission Produce by 437.3% in the first quarter. Quantinno Capital Management LP now owns 361,837 shares of the company’s stock valued at $4,979,000 after acquiring an additional 294,494 shares during the last quarter. 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.