Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) major shareholder Holdings Venture Globalharvest purchased 650,415 shares of the company's stock in a transaction on Monday, July 6th. The shares were purchased at an average price of $12.73 per share, for a total transaction of $8,279,782.95. Following the purchase, the insider owned 11,191,352 shares in the company, valued at approximately $142,465,910.96. The trade was a 6.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.
Mission Produce Trading Up 0.4%
Shares of NASDAQ:AVO opened at $13.50 on Thursday. 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, Inc. has a 52-week low of $10.07 and a 52-week high of $15.53. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 42.19 and a beta of 0.49. The business has a 50-day moving average price of $12.02 and a 200-day moving average price of $12.88.
Mission Produce declared that its Board of Directors has authorized a stock buyback program on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 13.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.
Analysts Set New Price Targets
Several analysts have commented on AVO shares. UBS Group set a $16.00 price objective on shares of Mission Produce in a research note on Wednesday, June 10th. Weiss Ratings cut shares of Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, June 9th. Freedom Capital upgraded shares of Mission Produce to a "strong-buy" rating in a research report on Thursday, March 19th. Finally, Wall Street Zen lowered shares of Mission Produce from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Mission Produce currently has an average rating of "Moderate Buy" and a consensus price target of $16.67.
View Our Latest Research Report on AVO
Hedge Funds Weigh In On Mission Produce
Several institutional investors have recently made changes to their positions in AVO. Rubric Capital Management LP acquired a new position in shares of Mission Produce in the 1st quarter valued at $23,756,000. Platform Wealth Management LLC acquired a new stake in Mission Produce during the fourth quarter valued at $12,130,000. Bank of America Corp DE increased its holdings in Mission Produce by 809.2% in the first quarter. Bank of America Corp DE now owns 444,135 shares of the company's stock valued at $6,111,000 after buying an additional 395,287 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Mission Produce by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company's stock valued at $41,614,000 after buying an additional 334,629 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Mission Produce by 437.3% in the first quarter. Quantinno Capital Management LP now owns 361,837 shares of the company's stock worth $4,979,000 after acquiring an additional 294,494 shares during the period. 63.57% of the stock is owned by hedge funds and other institutional investors.
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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