Mission Produce (NASDAQ:AVO) Sets New 1-Year High – Here’s What Happened

Mission Produce, Inc. (NASDAQ:AVO) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $14.31 and last traded at $14.33, with a volume of 129188 shares traded. The stock had previously closed at $13.93.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AVO. Zacks Research lowered shares of Mission Produce from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Lake Street Capital reissued a “buy” rating on shares of Mission Produce in a research report on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mission Produce in a research report on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Mission Produce presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Mission Produce Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.95 and a quick ratio of 1.35. The company’s fifty day moving average price is $12.70 and its 200 day moving average price is $12.36. The company has a market cap of $1.01 billion, a PE ratio of 27.64 and a beta of 0.62.

Mission Produce (NASDAQ:AVO) last released its quarterly earnings results 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 8.18% and a net margin of 2.71%.The firm had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $301.60 million. During the same quarter last year, the firm posted $0.28 earnings per share. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. On average, equities research analysts predict that Mission Produce, Inc. will post 0.34 earnings per share for the current year.

Insider Activity at Mission Produce

In other Mission Produce news, major shareholder Holdings Venture Globalharvest acquired 71,750 shares of Mission Produce stock in a transaction on Thursday, January 22nd. The stock was purchased at an average price of $13.80 per share, for a total transaction of $990,150.00. Following the purchase, the insider directly owned 9,770,608 shares of the company’s stock, valued at $134,834,390.40. This trade represents a 0.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders purchased 2,141,484 shares of company stock worth $25,996,353 over the last three months. Company insiders own 35.41% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in Mission Produce during the third quarter worth about $29,000. GAMMA Investing LLC grew its position in shares of Mission Produce by 673.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,453 shares of the company’s stock valued at $29,000 after acquiring an additional 2,136 shares during the period. Leonteq Securities AG purchased a new stake in shares of Mission Produce during the 4th quarter worth approximately $31,000. State of Alaska Department of Revenue bought a new stake in shares of Mission Produce in the 3rd quarter worth approximately $33,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Mission Produce by 211.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock worth $54,000 after purchasing an additional 3,158 shares during the period. 63.57% of the stock is owned by hedge funds and other institutional investors.

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.