Mission Produce (NASDAQ:AVO) Announces Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Mission Produce (NASDAQ:AVO) posted its quarterly earnings data on Monday. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04), FiscalAI reports. The company had revenue of $290.90 million during the quarter, compared to the consensus estimate of $256.30 million. Mission Produce had a return on equity of 8.24% and a net margin of 2.48%.

Mission Produce Trading Down 1.1%

Mission Produce stock traded down $0.11 during midday trading on Monday, hitting $10.11. 1,926,016 shares of the stock were exchanged, compared to its average volume of 954,812. The company has a fifty day simple moving average of $13.09 and a two-hundred day simple moving average of $12.93. The stock has a market capitalization of $716.25 million, a PE ratio of 21.98 and a beta of 0.50. Mission Produce has a 52 week low of $10.07 and a 52 week high of $15.53. The company has a quick ratio of 1.19, a current ratio of 1.86 and a debt-to-equity ratio of 0.19.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVO. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mission Produce in a research note on Monday, April 20th. Freedom Capital upgraded Mission Produce to a “strong-buy” rating in a research report on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Mission Produce has an average rating of “Moderate Buy” and an average target price of $17.00.

Insider Buying and Selling at Mission Produce

In other Mission Produce news, major shareholder Holdings Venture Globalharvest acquired 3,695 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were acquired at an average price of $11.94 per share, with a total value of $44,118.30. Following the purchase, the insider owned 9,991,577 shares of the company’s stock, valued at $119,299,429.38. This represents a 0.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 30.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Mission Produce

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. boosted its holdings in shares of Mission Produce by 287.6% in the second quarter. Invesco Ltd. now owns 360,863 shares of the company’s stock valued at $4,229,000 after buying an additional 267,752 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Mission Produce by 174.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 366,957 shares of the company’s stock valued at $4,411,000 after purchasing an additional 233,447 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Mission Produce by 6.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,570,868 shares of the company’s stock valued at $30,901,000 after purchasing an additional 159,726 shares during the period. ExodusPoint Capital Management LP acquired a new stake in shares of Mission Produce in the 4th quarter valued at about $1,343,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of 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 purchasing an additional 108,124 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.