Insider Buying: Mission Produce (NASDAQ:AVO) Director Buys $484,000.00 in Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Jay Pack acquired 40,000 shares of Mission Produce stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $12.10 per share, with a total value of $484,000.00. Following the transaction, the director owned 579,965 shares of the company’s stock, valued at $7,017,576.50. This trade represents a 7.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Mission Produce Stock Performance

NASDAQ AVO opened at $12.49 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $12.08 and its two-hundred day moving average is $12.88. Mission Produce, Inc. has a 12-month low of $10.07 and a 12-month high of $15.53. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 39.03 and a beta of 0.49.

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

Institutional Investors Weigh In On Mission Produce

A number of institutional investors and hedge funds have recently modified their holdings of AVO. Wedge Capital Management L L P NC boosted its position in Mission Produce by 1.0% during the fourth quarter. Wedge Capital Management L L P NC now owns 100,025 shares of the company’s stock worth $1,160,000 after acquiring an additional 958 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Mission Produce by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock valued at $271,000 after acquiring an additional 1,092 shares during the last quarter. Magnetar Financial LLC raised its holdings in Mission Produce by 12.6% in the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock valued at $146,000 after acquiring an additional 1,351 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Mission Produce by 12.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock worth $218,000 after purchasing an additional 2,040 shares during the period. Finally, Diversified Trust Co lifted its stake in shares of Mission Produce by 12.0% during the 1st quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock worth $267,000 after purchasing an additional 2,074 shares during the period. Institutional investors and hedge funds own 63.57% of the company’s stock.

Analyst Ratings Changes

AVO has been the subject of several research analyst reports. Weiss Ratings cut Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. Wall Street Zen lowered shares of Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Freedom Capital raised shares of Mission Produce to a “strong-buy” rating in a research note on Thursday, March 19th. Finally, UBS Group set a $16.00 price target on shares of Mission Produce in a report on Wednesday, June 10th. One investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.