Mission Produce, Inc. (NASDAQ:AVO) Short Interest Update

Mission Produce, Inc. (NASDAQ:AVO) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 4,219,805 shares, a drop of 35.9% from the May 31st total of 6,578,730 shares. Based on an average daily volume of 2,164,839 shares, the days-to-cover ratio is presently 1.9 days. Approximately 6.9% of the company’s shares are short sold.

Mission Produce Trading Up 0.4%

Shares of Mission Produce stock opened at $12.49 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. The stock’s 50 day simple moving average is $12.08 and its 200-day simple moving average is $12.88. The stock has a market cap of $1.10 billion, a P/E ratio of 39.03 and a beta of 0.49. Mission Produce has a 1-year low of $10.07 and a 1-year high of $15.53.

Mission Produce announced that its Board of Directors has initiated a share buyback program on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 13.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AVO shares. Wall Street Zen cut shares of Mission Produce from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. UBS Group set a $16.00 target price on shares of Mission Produce in a research report on Wednesday, June 10th. Weiss Ratings downgraded Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. Finally, Freedom Capital raised 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 given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $16.67.

Insider Transactions at Mission Produce

In related news, Director Jay A. Pack purchased 40,000 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were purchased at an average cost of $12.10 per share, for a total transaction of $484,000.00. Following the completion of the acquisition, the director owned 579,965 shares in the company, valued at approximately $7,017,576.50. This trade represents a 7.41% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Bruce C. Taylor purchased 70,283 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average price of $11.25 per share, for a total transaction of $790,683.75. Following the completion of the acquisition, the director owned 855,842 shares of the company’s stock, valued at approximately $9,628,222.50. The trade was a 8.95% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 929,702 shares of company stock worth $10,490,901. 30.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mission Produce

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in Mission Produce during the 3rd quarter worth $29,000. Leonteq Securities AG acquired a new position in Mission Produce in the fourth quarter valued at $31,000. GAMMA Investing LLC boosted its stake in Mission Produce by 87.1% in the fourth 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 grew its holdings in shares of Mission Produce by 211.8% during the second quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock worth $54,000 after purchasing an additional 3,158 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Mission Produce by 466.0% during 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 during the last quarter. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

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.