Mission Produce (NASDAQ:AVO) Sees Strong Trading Volume Following Earnings Beat

Mission Produce, Inc. (NASDAQ:AVO) saw an uptick in trading volume on Friday following a stronger than expected earnings report. 472,818 shares changed 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. Mission Produce had a return on equity of 7.89% and a net margin of 2.73%.The business had revenue of $319.00 million during the quarter, compared to the consensus estimate of $301.60 million. During the same period in the previous year, the company posted $0.28 EPS. The business’s quarterly revenue was down 10.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Roth Capital boosted their price target on Mission Produce from $16.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, September 9th. Zacks Research cut Mission Produce from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Weiss Ratings restated a “hold (c)” rating on shares of Mission Produce in a research report on Wednesday, October 8th. Finally, Stephens initiated coverage on Mission Produce in a research 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 issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Insider Buying and Selling at Mission Produce

In other Mission Produce news, major shareholder Holdings Venture Globalharvest purchased 72,165 shares of Mission Produce stock in a transaction that occurred on Thursday, November 6th. The shares were bought at an average price of $11.94 per share, for a total transaction of $861,650.10. Following the completion of the transaction, the insider owned 7,237,192 shares of the company’s stock, valued at approximately $86,412,072.48. This trade represents a 1.01% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have acquired 130,811 shares of company stock valued at $1,552,487 over the last ninety days. Company insiders own 35.41% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Mission Produce during the 3rd quarter valued at about $629,000. PharVision Advisers LLC purchased a new position in Mission Produce in the third quarter worth about $210,000. Virtus Advisers LLC bought a new stake in Mission Produce during the third quarter worth approximately $95,000. Quarry LP purchased a new stake in Mission Produce during the third quarter valued at approximately $29,000. Finally, Qube Research & Technologies Ltd raised its position in Mission Produce by 27.2% during the third quarter. Qube Research & Technologies Ltd now owns 342,264 shares of the company’s stock valued at $4,114,000 after purchasing an additional 73,223 shares during the period. 63.57% of the stock is owned by hedge funds and other institutional investors.

Mission Produce Price Performance

The firm has a market capitalization of $984.01 million, a P/E ratio of 25.82 and a beta of 0.58. The company has a current ratio of 2.04, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average price of $12.02 and a 200-day moving average price of $12.13.

Mission Produce Company Profile

Mission Produce, Inc engages in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and internationally. The company operates through three segments, Marketing and Distribution; International Farming; and Blueberries.