Mission Produce (NASDAQ:AVO) Sees Large Volume Increase After Earnings Beat

Mission Produce, Inc. (NASDAQ:AVOGet Free Report) shares saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 472,818 shares traded hands during mid-day trading, an increase of 35% from the previous session’s volume of 350,150 shares.The stock last traded at $13.9710 and had previously closed at $13.13.

The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $301.60 million. Mission Produce had a return on equity of 8.29% and a net margin of 2.71%.The company’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period last year, the business posted $0.28 earnings per share.

Key Mission Produce News

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AVO shares. Zacks Research lowered Mission Produce from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mission Produce in a research note on Wednesday, October 8th. Roth Capital boosted their target price on shares of Mission Produce from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, September 9th. Finally, Stephens started coverage on shares of Mission Produce in a report on Friday, September 12th. They set an “overweight” rating and a $17.00 target price for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $17.00.

View Our Latest Analysis on Mission Produce

Insider Buying and Selling

In related news, major shareholder Holdings Venture Globalharvest purchased 72,165 shares of Mission Produce stock in a transaction on Thursday, November 6th. The stock was purchased at an average cost of $11.94 per share, with a total value of $861,650.10. Following the acquisition, the insider directly owned 7,237,192 shares in the company, valued at approximately $86,412,072.48. This trade represents a 1.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders have acquired 130,811 shares of company stock worth $1,552,487 over the last 90 days. Corporate insiders own 35.41% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

A number of large investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Mission Produce during the 3rd quarter valued at $29,000. GAMMA Investing LLC grew its stake in Mission Produce by 673.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,453 shares of the company’s stock valued at $29,000 after buying an additional 2,136 shares during the last quarter. State of Alaska Department of Revenue bought a new position in Mission Produce in the 3rd quarter valued at about $33,000. PNC Financial Services Group Inc. lifted its position in Mission Produce by 123.1% during the first quarter. PNC Financial Services Group Inc. now owns 2,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,628 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in 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 acquiring an additional 3,158 shares during the last quarter. Institutional investors own 63.57% of the company’s stock.

Mission Produce Trading Up 0.5%

The business has a fifty day moving average price of $12.05 and a 200-day moving average price of $12.15. The company has a quick ratio of 1.30, a current ratio of 2.04 and a debt-to-equity ratio of 0.25. The company has a market cap of $932.18 million, a P/E ratio of 25.39 and a beta of 0.58.

About Mission Produce

(Get Free Report)

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.

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