Key Points
- Director Jay Pack bought 40,000 shares of Mission Produce at an average price of $12.10, spending $484,000 and increasing his holdings by 7.41% to 579,965 shares.
- Mission Produce shares were down 2.2% in Wednesday trading, opening at $11.79, near the stock’s 50-day average of $12.11 and below its 200-day average of $12.88.
- The company’s board recently authorized a $100 million stock repurchase program, which could cover up to 13.8% of shares and may signal management sees the stock as undervalued.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) Director Jay Pack acquired 40,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was acquired at an average cost of $12.10 per share, with a total value of $484,000.00. Following the completion of the purchase, the director owned 579,965 shares of the company's stock, valued at $7,017,576.50. This trade represents a 7.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Mission Produce Trading Down 2.2%
NASDAQ AVO opened at $11.79 on Wednesday. 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 company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 36.84 and a beta of 0.50. The company's 50-day simple moving average is $12.11 and its two-hundred day simple moving average is $12.88. Mission Produce, Inc. has a one year low of $10.07 and a one year high of $15.53.
Mission Produce announced that its Board of Directors has authorized a stock repurchase program on Monday, June 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 13.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.
Analyst Ratings Changes
AVO has been the topic of several research reports. Weiss Ratings lowered shares of Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, June 9th. Wall Street Zen cut Mission Produce from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. Freedom Capital upgraded Mission Produce to a "strong-buy" rating in a report on Thursday, March 19th. Finally, UBS Group set a $16.00 price target on Mission Produce in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.67.
Get Our Latest Report on AVO
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP bought a new position in shares of Mission Produce during the 3rd quarter worth approximately $29,000. Leonteq Securities AG acquired a new stake in Mission Produce in the fourth quarter valued at approximately $31,000. GAMMA Investing LLC grew its holdings in Mission Produce by 87.1% in the fourth quarter. GAMMA Investing LLC now owns 4,589 shares of the company's stock worth $53,000 after purchasing an additional 2,136 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings 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 worth $54,000 after purchasing an additional 3,158 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in Mission Produce by 466.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company's stock worth $82,000 after purchasing an additional 5,792 shares during the last quarter. Hedge funds and other institutional investors own 63.57% of the company's stock.
About Mission Produce
(
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
