Mission Produce (NASDAQ:AVO) Shares Gap Down – What’s Next?

by · The Markets Daily

Mission Produce, Inc. (NASDAQ:AVO – Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $12.70, but opened at $11.70. Mission Produce shares last traded at $11.2980, with a volume of 359,377 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AVO shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Mission Produce in a report on Wednesday, October 8th. Zacks Research cut Mission Produce from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Lake Street Capital reissued a “buy” rating on shares of Mission Produce in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Mission Produce currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Read Our Latest Research Report on Mission Produce

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 has a market capitalization of $877.89 million, a price-to-earnings ratio of 23.92 and a beta of 0.56. The stock has a 50 day simple moving average of $12.12 and a two-hundred day simple moving average of $12.16.

Mission Produce (NASDAQ:AVO – Get Free Report) last released its quarterly earnings data on Thursday, December 18th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $319.00 million for the quarter, compared to analyst estimates of $301.60 million. Mission Produce had a return on equity of 8.18% and a net margin of 2.71%.The company’s revenue was down 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 earnings per share. As a group, analysts anticipate that Mission Produce, Inc. will post 0.34 earnings per share for the current year.

Insider Activity

In related news, major shareholder Holdings Venture Globalharvest purchased 112,505 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were purchased at an average cost of $11.61 per share, for a total transaction of $1,306,183.05. Following the purchase, the insider directly owned 7,384,418 shares of the company’s stock, valued at $85,733,092.98. The trade was a 1.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders have acquired 353,276 shares of company stock valued at $4,139,754. Corporate insiders own 35.41% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in Mission Produce by 11.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,183,208 shares of the company’s stock valued at $13,869,000 after purchasing an additional 123,678 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Mission Produce by 28.6% in the 2nd quarter. American Century Companies Inc. now owns 861,139 shares of the company’s stock valued at $10,093,000 after buying an additional 191,405 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of Mission Produce by 11.7% in the second quarter. Los Angeles Capital Management LLC now owns 149,687 shares of the company’s stock valued at $1,754,000 after buying an additional 15,655 shares in the last quarter. KLP Kapitalforvaltning AS grew its holdings in Mission Produce by 57.0% during the second quarter. KLP Kapitalforvaltning AS now owns 12,400 shares of the company’s stock worth $145,000 after acquiring an additional 4,500 shares during the period. Finally, Atria Investments Inc raised its position in Mission Produce by 21.1% in the second quarter. Atria Investments Inc now owns 27,974 shares of the company’s stock worth $328,000 after acquiring an additional 4,868 shares in the last quarter. Institutional investors and hedge funds 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.

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