Brokerages Set Mission Produce, Inc. (NASDAQ:AVO) Target Price at $17.00

Shares of Mission Produce, Inc. (NASDAQ:AVO) have received an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $17.00.

AVO has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Mission Produce in a research note on Wednesday, January 21st. Lake Street Capital restated a “buy” rating on shares of Mission Produce in a research report on Thursday, January 15th. Finally, Freedom Capital raised shares of Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th.

Insider Activity

In related news, major shareholder Holdings Venture Globalharvest acquired 985,704 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was purchased at an average cost of $11.76 per share, for a total transaction of $11,591,879.04. Following the transaction, the insider directly owned 8,837,286 shares of the company’s stock, valued at approximately $103,926,483.36. This trade represents a 12.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders purchased 2,003,630 shares of company stock worth $24,396,831. Insiders own 30.85% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

Several hedge funds have recently bought and sold shares of AVO. GAMMA Investing LLC lifted its position in shares of Mission Produce by 673.8% in the third quarter. GAMMA Investing LLC now owns 2,453 shares of the company’s stock valued at $29,000 after acquiring an additional 2,136 shares in the last quarter. Quarry LP purchased a new stake in Mission Produce during the 3rd quarter worth about $29,000. Leonteq Securities AG purchased a new stake in Mission Produce during the 4th quarter worth about $31,000. State of Alaska Department of Revenue acquired a new position in Mission Produce in the 3rd quarter valued at about $33,000. Finally, Tower Research Capital LLC TRC raised its stake in 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 last quarter. Hedge funds and other institutional investors own 63.57% of the company’s stock.

Mission Produce Stock Up 2.3%

AVO opened at $13.60 on Tuesday. The business’s fifty day moving average is $13.53 and its two-hundred day moving average is $12.59. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.19 and a current ratio of 1.86. The company has a market cap of $963.56 million, a price-to-earnings ratio of 29.57 and a beta of 0.60. Mission Produce has a one year low of $9.60 and a one year high of $15.02.

Mission Produce (NASDAQ:AVO) last announced its quarterly earnings results on Thursday, March 12th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $278.60 million during the quarter, compared to analysts’ expectations of $277.33 million. Mission Produce had a return on equity of 8.24% and a net margin of 2.48%.The business’s revenue for the quarter was down 26.1% on a year-over-year basis. During the same quarter last year, the business posted $0.10 earnings per share. Analysts anticipate that Mission Produce will post 0.34 EPS for the current fiscal year.

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.