Mission Produce (NASDAQ:AVO) Reaches New 52-Week Low – Here’s What Happened

Mission Produce, Inc. (NASDAQ:AVO)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $10.31 and last traded at $10.3050, with a volume of 349272 shares traded. The stock had previously closed at $10.62.

Wall Street Analysts Forecast Growth

AVO has been the subject of several recent analyst reports. Freedom Capital raised Mission Produce to a “strong-buy” rating in a research note on Thursday, March 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Mission Produce in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Mission Produce presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Mission Produce Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.86 and a quick ratio of 1.19. The firm has a market cap of $724.09 million, a price-to-earnings ratio of 22.22 and a beta of 0.50. The company has a fifty day moving average price of $13.09 and a two-hundred day moving average price of $12.92.

Mission Produce (NASDAQ:AVO) last announced its quarterly earnings data on Thursday, March 12th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.03. The business had revenue of $278.60 million during the quarter, compared to analyst estimates of $277.33 million. Mission Produce had a return on equity of 8.24% and a net margin of 2.48%.The company’s revenue was down 26.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. As a group, equities research analysts expect that Mission Produce, Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling at Mission Produce

In other news, major shareholder Holdings Venture Globalharvest acquired 3,695 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was acquired at an average price of $11.94 per share, for a total transaction of $44,118.30. Following the completion of the acquisition, the insider directly owned 9,991,577 shares in the company, valued at $119,299,429.38. This represents a 0.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 30.85% of the stock is currently owned by company insiders.

Institutional Trading of Mission Produce

Several institutional investors have recently modified their holdings of AVO. Quarry LP acquired a new position in shares of Mission Produce in the 3rd quarter valued at $29,000. Leonteq Securities AG acquired a new position in shares of Mission Produce in the 4th quarter valued at $31,000. GAMMA Investing LLC boosted its position in shares of Mission Produce by 87.1% in the 4th quarter. GAMMA Investing LLC now owns 4,589 shares of the company’s stock valued at $53,000 after purchasing an additional 2,136 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Mission Produce by 211.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock valued at $54,000 after purchasing an additional 3,158 shares during the period. Finally, AlphaQuest LLC boosted its position in shares of Mission Produce by 33.7% in the 3rd quarter. AlphaQuest LLC now owns 4,662 shares of the company’s stock valued at $56,000 after purchasing an additional 1,174 shares during the period. Institutional investors and hedge funds own 63.57% of the company’s stock.

About Mission Produce

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.