Jay Pack Purchases 40,000 Shares of Mission Produce (NASDAQ:AVO) Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Jay Pack purchased 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was bought at an average price of $12.10 per share, for a total transaction of $484,000.00. Following the acquisition, the director owned 579,965 shares of the company’s stock, valued at $7,017,576.50. This represents a 7.41% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Mission Produce Trading Down 2.2%

NASDAQ AVO traded down $0.27 during trading on Tuesday, hitting $11.79. The company had a trading volume of 1,510,875 shares, compared to its average volume of 1,103,695. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. Mission Produce, Inc. has a one year low of $10.07 and a one year high of $15.53. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 36.84 and a beta of 0.51. The company’s fifty day moving average is $12.16 and its 200-day moving average is $12.88.

Mission Produce declared that its Board of Directors has initiated a stock repurchase plan on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have commented on AVO. UBS Group set a $16.00 price objective on shares of Mission Produce in a report on Wednesday, June 10th. Weiss Ratings lowered Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. Freedom Capital raised Mission Produce to a “strong-buy” rating in a research note on Thursday, March 19th. Finally, Wall Street Zen lowered Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.67.

Institutional Trading of Mission Produce

Several hedge funds and other institutional investors have recently made changes to their positions in AVO. Bank of America Corp DE increased its stake in Mission Produce by 809.2% during the 1st quarter. Bank of America Corp DE now owns 444,135 shares of the company’s stock valued at $6,111,000 after purchasing an additional 395,287 shares in the last quarter. RBF Capital LLC increased its holdings in shares of Mission Produce by 40.3% in the 1st quarter. RBF Capital LLC now owns 104,410 shares of the company’s stock worth $1,437,000 after purchasing an additional 30,000 shares in the last quarter. Amundi bought a new stake in Mission Produce in the 1st quarter worth about $192,000. Rubric Capital Management LP purchased a new position in Mission Produce in the 1st quarter worth about $23,756,000. Finally, Quantinno Capital Management LP lifted its stake in Mission Produce by 437.3% during the 1st quarter. Quantinno Capital Management LP now owns 361,837 shares of the company’s stock valued at $4,979,000 after acquiring an additional 294,494 shares during the period. Hedge funds and other institutional investors own 63.57% of the company’s stock.

Mission Produce Company Profile

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.