Key Points
- Major shareholder Holdings Venture Globalharvest bought 491,865 Mission Produce shares at an average price of $13.40, spending about $6.6 million and boosting its stake by 4.4% to 11.68 million shares.
- The shareholder also made two other recent purchases, including 687,222 shares on July 8 and 650,415 shares on July 6, showing continued accumulation of the stock.
- Mission Produce recently authorized a $100 million stock buyback, while analysts currently rate the stock a consensus Moderate Buy with a target price of $16.67.
Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) major shareholder Holdings Venture Globalharvest acquired 491,865 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was bought at an average cost of $13.40 per share, for a total transaction of $6,590,991.00. Following the completion of the purchase, the insider owned 11,683,217 shares of the company's stock, valued at $156,555,107.80. This trade represents a 4.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.
Holdings Venture Globalharvest also recently made the following trade(s):
- On Wednesday, July 8th, Holdings Venture Globalharvest bought 687,222 shares of Mission Produce stock. The shares were purchased at an average cost of $13.42 per share, with a total value of $9,222,519.24.
- On Monday, July 6th, Holdings Venture Globalharvest purchased 650,415 shares of Mission Produce stock. The shares were purchased at an average price of $12.73 per share, with a total value of $8,279,782.95.
Mission Produce Stock Down 1.1%
Shares of NASDAQ AVO opened at $13.35 on Friday. The company has a market capitalization of $1.18 billion, a P/E ratio of 41.72 and a beta of 0.49. Mission Produce, Inc. has a 52-week low of $10.07 and a 52-week high of $15.53. 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's 50 day moving average price is $12.01 and its 200-day moving average price is $12.88.
Mission Produce announced that its board has authorized a stock buyback program on Monday, June 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 13.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.
Institutional Investors Weigh In On Mission Produce
Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its holdings in shares of Mission Produce by 228.4% during the first quarter. AQR Capital Management LLC now owns 95,816 shares of the company's stock valued at $1,004,000 after purchasing an additional 66,640 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Mission Produce by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company's stock valued at $271,000 after buying an additional 1,092 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Mission Produce by 10.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,304 shares of the company's stock valued at $1,711,000 after buying an additional 15,076 shares during the period. Jane Street Group LLC increased its position in Mission Produce by 179.7% in the 1st quarter. Jane Street Group LLC now owns 65,813 shares of the company's stock valued at $690,000 after buying an additional 42,284 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Mission Produce in the 1st quarter valued at about $581,000. 63.57% of the stock is owned by institutional investors.
Analysts Set New Price Targets
AVO has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Mission Produce from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. UBS Group set a $16.00 price objective on Mission Produce in a research report on Wednesday, June 10th. Weiss Ratings downgraded Mission Produce from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, June 9th. Finally, Freedom Capital upgraded Mission Produce to a "strong-buy" rating in a research report on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Mission Produce currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.67.
View Our Latest Analysis on Mission Produce
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.
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