Mission Produce, Inc. $AVO Stock Position Lessened by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Mission Produce, Inc. by 64.7%, cutting its holdings to 18,533 shares worth approximately $192,000 by the end of the last quarter.
• The company's stock was recently rated as a "hold" by Zacks Research, down from a "strong-buy" rating, with a current consensus price target of $15.50.
• Mission Produce reported earnings of $0.12 per share, significantly beating analysts' expectations of $0.03, and highlighted a 27.8% year-over-year revenue growth to $380.30 million.

Hsbc Holdings PLC trimmed its position in Mission Produce, Inc. (NASDAQ:AVO - Free Report) by 64.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,533 shares of the company's stock after selling 33,923 shares during the quarter. Hsbc Holdings PLC's holdings in Mission Produce were worth $192,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in shares of Mission Produce by 123.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,950 shares of the company's stock valued at $31,000 after acquiring an additional 1,628 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Mission Produce by 1,255.4% in the 1st quarter. GAMMA Investing LLC now owns 3,375 shares of the company's stock valued at $322,000 after acquiring an additional 3,126 shares during the last quarter. Ameriflex Group Inc. bought a new stake in shares of Mission Produce in the 4th quarter valued at approximately $57,000. State of Wyoming bought a new position in Mission Produce in the fourth quarter worth about $63,000. Finally, ProShare Advisors LLC bought a new position in Mission Produce in the fourth quarter worth about $176,000. 63.57% of the stock is currently owned by institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

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

Mission Produce Stock Performance

AVO traded up $0.24 during trading on Monday, reaching $12.87. 1,660,079 shares of the company were exchanged, compared to its average volume of 274,465. The stock has a market cap of $908.88 million, a P/E ratio of 25.74 and a beta of 0.57. The firm has a 50 day moving average of $12.31 and a 200 day moving average of $11.36. The company has a current ratio of 1.98, a quick ratio of 1.23 and a debt-to-equity ratio of 0.29. Mission Produce, Inc. has a 52 week low of $9.56 and a 52 week high of $15.25.

Mission Produce (NASDAQ:AVO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.09. The firm had revenue of $380.30 million during the quarter, compared to the consensus estimate of $296.15 million. Mission Produce had a return on equity of 7.82% and a net margin of 2.63%.The firm's revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS. On average, sell-side analysts forecast that Mission Produce, Inc. will post 0.34 EPS for the current fiscal year.

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.