Rubric Capital Management LP Acquires Shares of 1,726,447 Mission Produce, Inc. $AVO

Rubric Capital Management LP bought a new stake in shares of Mission Produce, Inc. (NASDAQ:AVO) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,726,447 shares of the company’s stock, valued at approximately $23,756,000. Rubric Capital Management LP owned 2.44% of Mission Produce as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of AVO. Dimensional Fund Advisors LP raised its stake 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 purchasing an additional 334,629 shares in the last quarter. Geode Capital Management LLC grew its stake in Mission Produce by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,048,598 shares of the company’s stock worth $12,166,000 after buying an additional 3,744 shares in the last quarter. Platform Wealth Management LLC acquired a new stake in Mission Produce during the fourth quarter worth about $12,130,000. Goldman Sachs Group Inc. increased its holdings in Mission Produce by 26.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 510,340 shares of the company’s stock valued at $5,920,000 after buying an additional 108,124 shares during the period. Finally, Nuance Investments LLC increased its holdings in Mission Produce by 10.7% in the 4th quarter. Nuance Investments LLC now owns 491,807 shares of the company’s stock valued at $5,705,000 after buying an additional 47,519 shares during the period. 63.57% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Holdings Venture Globalharvest purchased 687,222 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were bought at an average cost of $13.42 per share, with a total value of $9,222,519.24. Following the acquisition, the insider owned 12,370,439 shares of the company’s stock, valued at $166,011,291.38. This trade represents a 5.88% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bruce C. Taylor purchased 300,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average cost of $11.29 per share, for a total transaction of $3,387,000.00. Following the completion of the acquisition, the director directly owned 455,842 shares in the company, valued at $5,146,456.18. The trade was a 192.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 3,352,161 shares of company stock valued at $42,458,664. 30.85% of the stock is currently owned by corporate insiders.

Mission Produce Price Performance

Shares of AVO stock opened at $12.70 on Tuesday. The business has a fifty day simple moving average of $12.02 and a 200 day simple moving average of $13.00. The company has a market cap of $1.12 billion, a P/E ratio of 39.69 and a beta of 0.49. 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 twelve month low of $10.07 and a twelve month high of $15.53.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. Wall Street Zen cut shares of Mission Produce from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, UBS Group set a $16.00 price objective on shares of Mission Produce in a research report on Wednesday, June 10th. 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. According to data from MarketBeat.com, Mission Produce presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.67.

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.