Insider Buying: Mission Produce (NASDAQ:AVO) Director Buys 300,000 Shares of Stock

Mission Produce, Inc. (NASDAQ:AVOGet Free Report) Director Bruce Taylor acquired 300,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average price of $11.29 per share, with a total value of $3,387,000.00. Following the acquisition, the director directly owned 455,842 shares of the company’s stock, valued at $5,146,456.18. The trade was a 192.50% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Mission Produce Stock Up 2.8%

AVO opened at $11.71 on Wednesday. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 36.59 and a beta of 0.50. Mission Produce, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53. The company’s 50-day moving average price is $12.34 and its two-hundred day moving average price is $12.88.

Mission Produce announced that its board has approved a share repurchase program on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 13.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in Mission Produce during the 3rd quarter valued at $29,000. Leonteq Securities AG bought a new position in shares of Mission Produce in the fourth quarter worth $31,000. GAMMA Investing LLC boosted its holdings in shares of Mission Produce by 87.1% in the fourth quarter. GAMMA Investing LLC now owns 4,589 shares of the company’s stock worth $53,000 after acquiring an additional 2,136 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Mission Produce by 211.8% in the second 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 in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of Mission Produce by 466.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company’s stock valued at $82,000 after purchasing an additional 5,792 shares in the last quarter. 63.57% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Report on AVO

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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