Magnetar Financial LLC Takes $401,000 Position in Mission Produce, Inc. $AVO

Key Points

• Magnetar Financial LLC has acquired a new position in Mission Produce, purchasing 38,228 shares valued at approximately $401,000, representing a 0.05% ownership stake.
• Multiple institutional investors have significantly increased their stakes in Mission Produce during the 1st quarter, with Trexquant Investment LP raising its stake by 31.7%.
• Zacks Research downgraded Mission Produce from a "strong-buy" to a "hold" rating, with analysts currently giving it an average target price of $15.50.

Magnetar Financial LLC acquired a new stake in shares of Mission Produce, Inc. (NASDAQ:AVO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 38,228 shares of the company's stock, valued at approximately $401,000. Magnetar Financial LLC owned about 0.05% of Mission Produce as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in AVO. Teacher Retirement System of Texas raised its holdings in Mission Produce by 53.6% in the 1st quarter. Teacher Retirement System of Texas now owns 121,111 shares of the company's stock valued at $1,269,000 after acquiring an additional 42,269 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Mission Produce during the first quarter valued at approximately $1,339,000. Nuveen LLC acquired a new position in shares of Mission Produce in the first quarter valued at $1,137,000. Russell Investments Group Ltd. raised its stake in shares of Mission Produce by 6,802.2% in the first quarter. Russell Investments Group Ltd. now owns 105,534 shares of the company's stock valued at $1,104,000 after purchasing an additional 104,005 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Mission Produce by 319.0% in the first quarter. SG Americas Securities LLC now owns 66,771 shares of the company's stock worth $700,000 after purchasing an additional 50,835 shares during the period. Institutional investors own 63.57% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Zacks Research downgraded shares of Mission Produce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $15.50.

Mission Produce Price Performance

Shares of NASDAQ:AVO traded up $0.18 on Friday, hitting $12.63. The stock had a trading volume of 383,447 shares, compared to its average volume of 274,465. The firm's 50 day moving average price is $12.29 and its 200-day moving average price is $11.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.23 and a current ratio of 1.98. Mission Produce, Inc. has a twelve month low of $9.56 and a twelve month high of $15.25. The company has a market capitalization of $891.93 million, a price-to-earnings ratio of 25.26 and a beta of 0.57.

Mission Produce (NASDAQ:AVO - Get Free Report) last announced its earnings results on Thursday, June 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.09. The business had revenue of $380.30 million during the quarter, compared to analysts' expectations of $296.15 million. Mission Produce had a net margin of 2.63% and a return on equity of 7.82%. The firm's revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. On average, equities research analysts predict that Mission Produce, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Mission Produce

In other news, CFO Bryan E. Giles sold 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $11.43, for a total transaction of $40,005.00. Following the completion of the sale, the chief financial officer owned 131,062 shares of the company's stock, valued at approximately $1,498,038.66. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 35.41% of the company's stock.

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.