Insider Buying: Mission Produce (NASDAQ:AVO) Major Shareholder Acquires 592,957 Shares

Mission Produce, Inc. (NASDAQ:AVO) major shareholder Holdings Venture Globalharvest purchased 592,957 shares of Mission Produce stock in a transaction dated Thursday, July 9th. The stock was bought at an average cost of $13.28 per share, with a total value of $7,874,468.96. Following the completion of the purchase, the insider owned 12,963,396 shares in the company, valued at approximately $172,153,898.88. This trade represents a 4.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Holdings Venture Globalharvest also recently made the following trade(s):

• On Wednesday, July 8th, Holdings Venture Globalharvest acquired 687,222 shares of Mission Produce stock. The stock was bought at an average price of $13.42 per share, with a total value of $9,222,519.24.
• On Tuesday, July 7th, Holdings Venture Globalharvest acquired 491,865 shares of Mission Produce stock. The shares were bought at an average price of $13.40 per share, for a total transaction of $6,590,991.00.
• On Monday, July 6th, Holdings Venture Globalharvest acquired 650,415 shares of Mission Produce stock. The shares were bought at an average price of $12.73 per share, for a total transaction of $8,279,782.95.

Mission Produce Price Performance

NASDAQ:AVO traded down $0.02 during midday trading on Friday, hitting $13.33. 1,064,582 shares of the stock were exchanged, compared to its average volume of 1,130,343. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 41.66 and a beta of 0.49. 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 business has a 50-day moving average price of $12.01 and a two-hundred day moving average price of $12.88.

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

Mission Produce News Summary

Here are the key news stories impacting Mission Produce this week:

• Positive Sentiment: Major shareholder Holdings Venture Globalharvest continued building its stake, buying another 1.18 million shares for about $15.8 million after earlier purchases this week. That kind of repeated insider buying is often viewed as a vote of confidence in the business and may be supporting the stock. Mission Produce Stockholder Raises Stake by Nearly 1.2 Million Shares
• Positive Sentiment: Mission Produce also advanced its $100 million share repurchase program, which can signal management believes the shares are undervalued and may provide support to the stock. Mission Produce Advances $100 Million Share Buyback Program
• Positive Sentiment: Analysts remain broadly constructive, with coverage pointing to a consensus “Moderate Buy” rating and a price target above recent trading levels, reinforcing the idea that investors are viewing AVO favorably. Mission Produce, Inc. (NASDAQ:AVO) Given Consensus Recommendation of “Moderate Buy” by Analysts
• Neutral Sentiment: One article compared Mission Produce’s first-quarter earnings results with other perishable food stocks, but no major new catalyst or surprise was highlighted in the headline itself. Q1 earnings highs and lows: Mission Produce (NASDAQ:AVO) vs the rest of the perishable food stocks
• Neutral Sentiment: There was also a market roundup piece mentioning AVO among other stocks, but it did not indicate any company-specific news. 1 mooning stock to target this week and 2 that underwhelm

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVO. Freedom Capital upgraded Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th. Weiss Ratings lowered 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 report on Saturday, June 13th. Finally, UBS Group set a $16.00 price target on shares of Mission Produce in a report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.67.

Institutional Trading of Mission Produce

Hedge funds have recently modified their holdings of the business. Quarry LP purchased a new position in shares of Mission Produce during the third quarter valued at $29,000. Leonteq Securities AG acquired a new stake in Mission Produce during the 4th quarter worth about $31,000. GAMMA Investing LLC grew its stake in Mission Produce by 87.1% during the 4th quarter. GAMMA Investing LLC now owns 4,589 shares of the company’s stock valued at $53,000 after acquiring an additional 2,136 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Mission Produce by 211.8% in the 2nd 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 period. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Mission Produce by 466.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company’s stock worth $82,000 after purchasing an additional 5,792 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.