Jay Pack Purchases 25,281 Shares of Mission Produce (NASDAQ:AVO) Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Jay Pack bought 25,281 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $11.03 per share, with a total value of $278,849.43. Following the completion of the purchase, the director owned 429,246 shares of the company’s stock, valued at approximately $4,734,583.38. The trade was a 6.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Mission Produce Price Performance

Shares of NASDAQ AVO traded down $0.02 during trading on Monday, reaching $11.18. The company had a trading volume of 2,182,743 shares, compared to its average volume of 1,046,911. Mission Produce, Inc. has a 52 week low of $10.07 and a 52 week high of $15.53. The stock has a market cap of $987.42 million, a PE ratio of 34.94 and a beta of 0.51. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 1.91. The business’s 50 day moving average price is $12.80 and its 200-day moving average price is $12.91.

Mission Produce (NASDAQ:AVO) last announced its earnings results on Thursday, March 12th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Mission Produce had a net margin of 1.83% and a return on equity of 6.92%. The company had revenue of $278.60 million during the quarter, compared to the consensus estimate of $277.33 million. During the same period in the previous year, the firm posted $0.10 earnings per share. The company’s revenue was down 26.1% on a year-over-year basis. Analysts expect that Mission Produce, Inc. will post 0.45 earnings per share for the current year.

Mission Produce announced that its Board of Directors has approved a stock repurchase program on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 13.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of 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 during the period. RBF Capital LLC boosted its holdings in shares of Mission Produce by 40.3% in the first quarter. RBF Capital LLC now owns 104,410 shares of the company’s stock valued at $1,437,000 after buying an additional 30,000 shares during the period. Amundi acquired a new position in shares of Mission Produce in the first quarter valued at approximately $192,000. Rubric Capital Management LP acquired a new position in shares of Mission Produce in the first quarter valued at approximately $23,756,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of 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 buying an additional 294,494 shares during the period. Institutional investors and hedge funds own 63.57% of the company’s stock.

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.