Insider Buying: Mission Produce (NASDAQ:AVO) Director Acquires $3,227,840.70 in Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Bruce Taylor purchased 286,410 shares of the stock in a transaction dated Wednesday, June 17th. The shares were acquired at an average price of $11.27 per share, with a total value of $3,227,840.70. Following the transaction, the director owned 755,842 shares in the company, valued at $8,518,339.34. This trade represents a 61.01% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Mission Produce Trading Up 4.0%

Shares of NASDAQ AVO opened at $12.18 on Thursday. Mission Produce, Inc. has a fifty-two week low of $10.07 and a fifty-two week high of $15.53. The firm has a market capitalization of $1.08 billion, a P/E ratio of 38.06 and a beta of 0.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. The company’s 50 day simple moving average is $12.28 and its 200 day simple moving average is $12.88.

Mission Produce announced that its Board of Directors has approved a stock repurchase plan on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 13.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

AVO has been the subject of a number of analyst reports. UBS Group set a $16.00 price objective on Mission Produce in a research note on Wednesday, June 10th. Weiss Ratings cut Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 9th. Wall Street Zen downgraded shares of Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Freedom Capital upgraded shares of Mission Produce to a “strong-buy” rating in a research report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $16.67.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Rubric Capital Management LP bought a new stake in shares of Mission Produce during the first quarter worth $23,756,000. Platform Wealth Management LLC acquired a new position in Mission Produce in the 4th quarter worth $12,130,000. Bank of America Corp DE increased its holdings in Mission Produce by 809.2% during the 1st quarter. Bank of America Corp DE now owns 444,135 shares of the company’s stock worth $6,111,000 after purchasing an additional 395,287 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Mission Produce by 12.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company’s stock valued at $41,614,000 after purchasing an additional 334,629 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in shares of Mission Produce by 437.3% in the first quarter. Quantinno Capital Management LP now owns 361,837 shares of the company’s stock valued at $4,979,000 after purchasing an additional 294,494 shares in the last quarter. Institutional investors own 63.57% of the company’s stock.

About Mission Produce

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.