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

Mission Produce, Inc. (NASDAQ:AVO) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $11.18, but opened at $11.73. Mission Produce shares last traded at $11.4550, with a volume of 155,422 shares traded.

Specifically, Director Bruce C. Taylor acquired 155,842 shares of the stock in a transaction dated Friday, June 12th. The stock was acquired at an average cost of $11.16 per share, with a total value of $1,739,196.72. Following the purchase, the director directly owned 155,842 shares of the company’s stock, valued at approximately $1,739,196.72. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce C. Taylor bought 10,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $11.14 per share, for a total transaction of $111,400.00. Following the transaction, the director owned 755,505 shares in the company, valued at approximately $8,416,325.70. The trade was a 1.34% increase in their position. The SEC filing for this purchase provides additional information. In related news, Director Jay A. Pack purchased 12,169 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were bought at an average price of $11.04 per share, for a total transaction of $134,345.76. Following the acquisition, the director owned 12,169 shares of the company’s stock, valued at approximately $134,345.76. This represents a ? increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Freedom Capital upgraded 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. UBS Group set a $16.00 price target on shares of Mission Produce in a report on Wednesday, June 10th. Finally, Wall Street Zen lowered shares of Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday. One investment 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.67.

Mission Produce Stock Performance

The firm has a 50 day moving average of $12.74 and a 200-day moving average of $12.91. The company has a market cap of $1.01 billion, a P/E ratio of 35.73 and a beta of 0.51. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22.

Mission Produce declared that its Board of Directors has initiated a stock buyback program on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase 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.

Institutional Investors Weigh In On Mission Produce

Several large investors have recently modified their holdings of the business. Platform Wealth Management LLC bought a new stake in Mission Produce during the 4th quarter valued at $12,130,000. Quantbot Technologies LP increased its holdings in shares of Mission Produce by 1,889.0% in the 3rd quarter. Quantbot Technologies LP now owns 39,979 shares of the company’s stock valued at $481,000 after acquiring an additional 37,969 shares during the period. Fourth Sail Capital LP bought a new position in shares of Mission Produce in the 4th quarter worth $725,000. OP Asset Management Ltd purchased a new stake in shares of Mission Produce during the 1st quarter worth $1,404,000. Finally, Diversified Trust Co lifted its stake in shares of Mission Produce by 12.0% during the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock worth $267,000 after purchasing an additional 2,074 shares during the last quarter. Institutional investors 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.