Key Points
- Director Bruce Taylor bought 286,410 shares of Mission Produce at an average price of $11.27 per share, a transaction worth about $3.23 million. His holdings rose 61.01% to 755,842 shares after the purchase.
- Mission Produce also authorized a $100 million stock buyback program on June 8, which could allow the company to repurchase up to 13.8% of its shares. The move is often seen as a signal that management believes the stock may be undervalued.
- The stock traded slightly lower after the news, opening at $11.39 and down 0.9% for the session. Analysts currently rate AVO a “Moderate Buy,” with a consensus target price of $16.67.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Director Bruce Taylor acquired 286,410 shares of the business's stock in a transaction on Wednesday, June 17th. The shares were bought at an average cost of $11.27 per share, for a total transaction of $3,227,840.70. Following the acquisition, the director owned 755,842 shares of the company's stock, valued at $8,518,339.34. This represents a 61.01% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Mission Produce Stock Down 0.9%
Shares of NASDAQ:AVO opened at $11.39 on Tuesday. The company has a market capitalization of $1.01 billion, a PE ratio of 35.59 and a beta of 0.51. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. Mission Produce, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53. The firm has a 50 day simple moving average of $12.40 and a 200-day simple moving average of $12.88.
Mission Produce announced that its Board of Directors has approved a stock buyback program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 13.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.
Institutional Trading of Mission Produce
Several institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new stake in Mission Produce during the 3rd quarter worth $29,000. Leonteq Securities AG purchased a new stake in shares of Mission Produce in the fourth quarter valued at about $31,000. GAMMA Investing LLC raised its holdings in shares of Mission Produce by 87.1% in the fourth quarter. GAMMA Investing LLC now owns 4,589 shares of the company's stock valued at $53,000 after buying an additional 2,136 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Mission Produce by 211.8% during the second quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock worth $54,000 after buying an additional 3,158 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Mission Produce by 466.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company's stock worth $82,000 after buying an additional 5,792 shares during the period. Hedge funds and other institutional investors own 63.57% of the company's stock.
Wall Street Analysts Forecast Growth
AVO has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Mission Produce from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. UBS Group set a $16.00 target price on Mission Produce in a research report on Wednesday, June 10th. Freedom Capital raised Mission Produce to a "strong-buy" rating in a report on Thursday, March 19th. Finally, Weiss Ratings cut Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, June 9th. 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $16.67.
Check Out Our Latest Stock Report on AVO
Mission Produce Company Profile
(
Get Free Report)
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.
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