Mission Produce (NASDAQ:AVO) Shares Gap Up Following Insider Buying Activity
by Tristan Rich · The Markets DailyMission Produce, Inc. (NASDAQ:AVO – Get Free Report) gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $11.18, but opened at $11.73. Mission Produce shares last traded at $11.4550, with a volume of 155,422 shares.
Specifically, Director Bruce C. Taylor purchased 155,842 shares of the stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $11.16 per share, with a total value of $1,739,196.72. Following the completion of the acquisition, the director directly owned 155,842 shares of the company’s stock, valued at $1,739,196.72. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bruce C. Taylor acquired 10,000 shares of Mission Produce stock in a transaction dated Friday, June 12th. The stock was purchased at an average cost of $11.14 per share, with a total value of $111,400.00. Following the completion of the purchase, the director owned 755,505 shares of the company’s stock, valued at approximately $8,416,325.70. This represents a 1.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In other news, Director Jay A. Pack acquired 12,169 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $11.04 per share, for a total transaction of $134,345.76. Following the transaction, the director directly owned 12,169 shares of the company’s stock, valued at approximately $134,345.76. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on AVO shares. Wall Street Zen downgraded shares of Mission Produce from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings downgraded Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, June 9th. UBS Group set a $16.00 price objective on Mission Produce in a research note on Wednesday, June 10th. Finally, Freedom Capital upgraded Mission Produce to a “strong-buy” rating in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.67.
Check Out Our Latest Research Report on AVO
Mission Produce Stock Up 2.2%
The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.01 billion, a PE ratio of 35.73 and a beta of 0.51. The company’s 50 day moving average is $12.74 and its two-hundred day moving average is $12.91.
Mission Produce declared that its Board of Directors has approved a share repurchase plan on Monday, June 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Institutional Trading of Mission Produce
A number of large investors have recently added to or reduced their stakes in AVO. Quarry LP purchased a new stake in Mission Produce during the third quarter valued at $29,000. Leonteq Securities AG bought a new stake in shares of Mission Produce in the 4th quarter worth about $31,000. GAMMA Investing LLC raised its position in shares of 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 buying an additional 2,136 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Mission Produce by 211.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock valued at $54,000 after buying an additional 3,158 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Mission Produce by 466.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company’s stock valued at $82,000 after acquiring an additional 5,792 shares during the last quarter. 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.