Mission Produce, Inc. (NASDAQ:AVO) Short Interest Up 221.5% in January

Mission Produce, Inc. (NASDAQ:AVO) was the target of a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 3,639,623 shares, an increase of 221.5% from the January 15th total of 1,132,043 shares. Based on an average daily trading volume, of 1,253,546 shares, the days-to-cover ratio is currently 2.9 days. Currently, 8.0% of the company’s stock are short sold. Currently, 8.0% of the company’s stock are short sold. Based on an average daily trading volume, of 1,253,546 shares, the days-to-cover ratio is currently 2.9 days.

Mission Produce Stock Up 2.0%

AVO stock opened at $13.93 on Friday. Mission Produce has a 1-year low of $9.56 and a 1-year high of $14.23. The stock has a market cap of $983.04 million, a P/E ratio of 26.79 and a beta of 0.62. The stock’s fifty day simple moving average is $12.66 and its two-hundred day simple moving average is $12.34. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19.

Mission Produce (NASDAQ:AVO) last released its earnings results on Thursday, December 18th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $319.00 million for the quarter, compared to the consensus estimate of $301.60 million. Mission Produce had a return on equity of 8.18% and a net margin of 2.71%.The company’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 earnings per share. Analysts expect that Mission Produce will post 0.34 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Holdings Venture Globalharvest purchased 985,704 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were acquired at an average price of $11.76 per share, for a total transaction of $11,591,879.04. Following the completion of the acquisition, the insider owned 8,837,286 shares in the company, valued at approximately $103,926,483.36. The trade was a 12.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders purchased 2,141,484 shares of company stock worth $25,996,353. 35.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AVO. AQR Capital Management LLC raised its holdings in shares of Mission Produce by 228.4% in the 1st quarter. AQR Capital Management LLC now owns 95,816 shares of the company’s stock worth $1,004,000 after purchasing an additional 66,640 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Mission Produce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock worth $271,000 after buying an additional 1,092 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Mission Produce by 10.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,304 shares of the company’s stock valued at $1,711,000 after buying an additional 15,076 shares during the period. Jane Street Group LLC raised its stake in shares of Mission Produce by 179.7% in the first quarter. Jane Street Group LLC now owns 65,813 shares of the company’s stock valued at $690,000 after buying an additional 42,284 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Mission Produce during the 1st quarter valued at $581,000. 63.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Lake Street Capital reaffirmed a “buy” rating on shares of Mission Produce in a research report on Thursday, January 15th. Zacks Research downgraded shares of Mission Produce from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mission Produce in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

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.