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

Shares of Mission Produce, Inc. (NASDAQ:AVO) 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

Several research analysts have weighed in on AVO shares. Weiss Ratings reissued a “hold (c)” rating on shares of Mission Produce in a research report on Wednesday, October 8th. Lake Street Capital restated a “buy” rating on shares of Mission Produce in a report on Thursday. Finally, Zacks Research cut shares of Mission Produce from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Three equities 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, Mission Produce has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Mission Produce Stock Performance

The business has a 50 day moving average of $12.11 and a 200-day moving average of $12.15. The company has a market capitalization of $849.59 million, a P/E ratio of 22.97 and a beta of 0.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.95.

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). Mission Produce had a net margin of 2.71% and a return on equity of 8.18%. The company had revenue of $319.00 million for the quarter, compared to the consensus estimate of $301.60 million. During the same quarter in the prior year, the company earned $0.28 earnings per share. The company’s quarterly revenue was down 10.0% on a year-over-year basis. On average, sell-side analysts predict that Mission Produce, Inc. will post 0.34 EPS for the current fiscal year.

Insider Transactions at Mission Produce

In other news, major shareholder Holdings Venture Globalharvest purchased 13,683 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was purchased at an average cost of $11.96 per share, with a total value of $163,648.68. Following the acquisition, the insider directly owned 7,850,900 shares in the company, valued at approximately $93,896,764. This trade represents a 0.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have purchased 353,276 shares of company stock valued at $4,139,754. Corporate insiders own 35.41% of the company’s stock.

Institutional Investors Weigh In On Mission Produce

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in Mission Produce during the third quarter valued at $29,000. GAMMA Investing LLC grew its holdings in shares of Mission Produce by 673.8% during the third quarter. GAMMA Investing LLC now owns 2,453 shares of the company’s stock worth $29,000 after purchasing an additional 2,136 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of Mission Produce in the third quarter worth approximately $33,000. Tower Research Capital LLC TRC lifted its position in Mission Produce by 211.8% during the second 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 last quarter. Finally, AlphaQuest LLC grew its stake in 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 buying an additional 1,174 shares in the last quarter. 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.