Mission Produce (NASDAQ:AVO) Stock Price Down 6.3% – What’s Next?

Mission Produce, Inc. (NASDAQ:AVO) shares dropped 6.3% during mid-day trading on Monday . The stock traded as low as $12.51 and last traded at $12.3640. Approximately 27,132 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 358,474 shares. The stock had previously closed at $13.20.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AVO shares. Zacks Research lowered shares of Mission Produce from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Stephens started coverage on shares of Mission Produce in a report on Friday, September 12th. They set an “overweight” rating and a $17.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Mission Produce in a research report on Wednesday, October 8th. Finally, Roth Capital raised their target price on Mission Produce from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, September 9th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Mission Produce Price 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 business’s fifty day moving average price is $12.05 and its 200-day moving average price is $12.18. The stock has a market capitalization of $829.55 million, a price-to-earnings ratio of 22.61 and a beta of 0.58.

Mission Produce (NASDAQ:AVO) last announced its quarterly earnings results on Thursday, December 18th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $319.00 million during the quarter, compared to the consensus estimate of $301.60 million. Mission Produce had a net margin of 2.71% and a return on equity of 8.18%. Mission Produce’s revenue was down 10.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.28 EPS. On average, research analysts forecast that Mission Produce, Inc. will post 0.34 EPS for the current year.

Insider Activity

In related news, major shareholder Holdings Venture Globalharvest purchased 72,165 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was acquired at an average cost of $11.94 per share, with a total value of $861,650.10. Following the transaction, the insider owned 7,237,192 shares of the company’s stock, valued at $86,412,072.48. This represents a 1.01% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 130,811 shares of company stock worth $1,552,487 over the last 90 days. 35.41% of the stock is owned by insiders.

Institutional Investors Weigh In On Mission Produce

Several large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Mission Produce by 4.4% during the first 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. AlphaQuest LLC raised its holdings in shares of Mission Produce by 33.7% in the 3rd quarter. AlphaQuest LLC now owns 4,662 shares of the company’s stock worth $56,000 after purchasing an additional 1,174 shares during the period. Magnetar Financial LLC lifted its stake in Mission Produce by 12.6% in the third quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock valued at $146,000 after purchasing an additional 1,351 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Mission Produce by 12.2% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 15,375 shares of the company’s stock valued at $185,000 after purchasing an additional 1,667 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Mission Produce by 12.3% in the second quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock valued at $218,000 after buying an additional 2,040 shares during the period. 63.57% of the stock is owned by hedge funds and other institutional investors.

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.