Mission Produce (NASDAQ:AVO) Trading Down 6.3% – What’s Next?

Mission Produce, Inc. (NASDAQ:AVO) shares fell 6.3% during trading on Monday . The stock traded as low as $12.51 and last traded at $12.3640. 27,132 shares changed hands during trading, a decline of 92% from the average session volume of 358,474 shares. The stock had previously closed at $13.20.

Wall Street Analysts Forecast Growth

AVO has been the topic of a number of analyst reports. Stephens started coverage on Mission Produce in a research report on Friday, September 12th. They set an “overweight” rating and a $17.00 price target on the stock. Zacks Research lowered Mission Produce from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Roth Capital raised their price target on Mission Produce from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, September 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mission Produce in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Mission Produce Stock Performance

The stock has a fifty day simple moving average of $12.05 and a two-hundred day simple moving average of $12.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 2.04. The stock has a market cap of $841.78 million, a price-to-earnings ratio of 22.92 and a beta of 0.58.

Mission Produce (NASDAQ:AVO) last announced its quarterly earnings data on Thursday, December 18th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). Mission Produce had a return on equity of 8.29% and a net margin of 2.71%.The business had revenue of $319.00 million for the quarter, compared to the consensus estimate of $301.60 million. During the same quarter in the prior year, the company earned $0.28 earnings per share. Mission Produce’s quarterly revenue was down 10.0% compared to the same quarter last year. Analysts expect that Mission Produce, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings Venture Globalharvest acquired 5,262 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was acquired at an average cost of $12.46 per share, for a total transaction of $65,564.52. Following the transaction, the insider directly owned 7,245,999 shares in the company, valued at $90,285,147.54. This trade represents a 0.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have purchased 130,811 shares of company stock worth $1,552,487. Insiders own 35.41% of the company’s stock.

Institutional Trading of Mission Produce

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in shares of Mission Produce during the third quarter worth $29,000. GAMMA Investing LLC grew its position in Mission Produce by 673.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,453 shares of the company’s stock worth $29,000 after acquiring an additional 2,136 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Mission Produce in the 3rd quarter worth about $33,000. Tower Research Capital LLC TRC raised its position in Mission Produce by 211.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock valued at $54,000 after purchasing an additional 3,158 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in shares of Mission Produce by 33.7% during the third quarter. AlphaQuest LLC now owns 4,662 shares of the company’s stock valued at $56,000 after purchasing an additional 1,174 shares in 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.