Holdings Venture Globalharvest Acquires 650,415 Shares of Mission Produce (NASDAQ:AVO) Stock

Key Points

• Holdings Venture Globalharvest bought 650,415 shares of Mission Produce at an average price of $12.73, spending about $8.28 million and increasing its stake by 6.17%. After the purchase, it owned 11.19 million shares valued at roughly $142.5 million.
• Mission Produce also approved a $100 million share repurchase program, which can cover up to 13.8% of the company’s shares through open-market buys. The move is often seen as a signal that management believes the stock may be undervalued.
• Analysts currently hold a Moderate Buy view on AVO, with an average price target of $16.67. The stock was trading around $13.50, above its recent average volume and within its 52-week range of $10.07 to $15.53.

Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) major shareholder Holdings Venture Globalharvest purchased 650,415 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was bought at an average cost of $12.73 per share, for a total transaction of $8,279,782.95. Following the acquisition, the insider owned 11,191,352 shares in the company, valued at approximately $142,465,910.96. The trade was a 6.17% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Mission Produce Stock Performance

NASDAQ:AVO traded up $0.05 during midday trading on Wednesday, reaching $13.50. 1,965,715 shares of the company traded hands, compared to its average volume of 1,646,352. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 42.19 and a beta of 0.49. The company has a fifty day moving average price of $12.04 and a 200 day moving average price of $12.88. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 1.12. Mission Produce, Inc. has a twelve month low of $10.07 and a twelve month high of $15.53.

Mission Produce announced that its board has initiated a share repurchase plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVO. Wall Street Zen cut shares of Mission Produce from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. UBS Group set a $16.00 target price on shares of Mission Produce in a research note on Wednesday, June 10th. Freedom Capital upgraded shares of Mission Produce to a "strong-buy" rating in a research report on Thursday, March 19th. Finally, Weiss Ratings lowered shares of 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 assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Mission Produce presently has an average rating of "Moderate Buy" and an average price target of $16.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP bought a new stake in shares of Mission Produce in the 1st quarter worth approximately $23,756,000. Platform Wealth Management LLC bought a new stake in Mission Produce during the fourth quarter worth approximately $12,130,000. Bank of America Corp DE boosted its holdings in Mission Produce by 809.2% during the first quarter. Bank of America Corp DE now owns 444,135 shares of the company's stock worth $6,111,000 after buying an additional 395,287 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Mission Produce by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,024,310 shares of the company's stock worth $41,614,000 after buying an additional 334,629 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in Mission Produce by 437.3% in the first quarter. Quantinno Capital Management LP now owns 361,837 shares of the company's stock worth $4,979,000 after buying an additional 294,494 shares during the last quarter. Institutional investors own 63.57% of the company's stock.

Mission Produce Company Profile

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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