Mission Produce (NASDAQ:AVO) Sees Large Volume Increase After Analyst Upgrade

Key Points

• Mission Produce experienced a trading volume spike of 54%, with approximately 513,723 shares traded, pushing the stock price from $12.87 to $13.56.
• Zacks Research downgraded Mission Produce from a "strong-buy" to a "hold" rating, although the stock retains a consensus rating of "Moderate Buy" with a target price of $15.50.
• Institutional investors own 63.57% of Mission Produce's stock, with several large firms increasing their holdings during the recent quarters.

Shares of Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) saw unusually-strong trading volume on Tuesday after Roth Capital raised their price target on the stock from $16.00 to $17.00. Roth Capital currently has a buy rating on the stock. Approximately 513,723 shares traded hands during trading, an increase of 54% from the previous session's volume of 333,041 shares.The stock last traded at $13.56 and had previously closed at $12.87.

Separately, Zacks Research lowered Mission Produce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Institutional Trading of Mission Produce

Several institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its position 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 buying an additional 1,628 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Mission Produce by 211.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock valued at $54,000 after buying an additional 3,158 shares in the last quarter. Ameriflex Group Inc. bought a new stake in shares of Mission Produce in the 4th quarter valued at $57,000. State of Wyoming acquired a new position in Mission Produce in the 4th quarter worth $63,000. Finally, Diversified Trust Co acquired a new position in Mission Produce in the 1st quarter worth $137,000. Institutional investors own 63.57% of the company's stock.

Mission Produce Stock Performance

The stock has a market capitalization of $899.69 million, a price-to-earnings ratio of 23.59 and a beta of 0.57. The company has a current ratio of 2.04, a quick ratio of 1.23 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average is $12.34 and its two-hundred day moving average is $11.37.

About Mission Produce

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.