Mission Produce (NASDAQ:AVO) Trading Down 5.4% - Here's What Happened

Key Points

• Mission Produce's shares fell by 5.4% on Wednesday, closing at $12.37, marking a significant decline from the previous day's close of $13.08.
• Zacks Research downgraded the company from a "strong-buy" to a "hold" rating, while Roth Capital set a higher price target of $17.00 with a "buy" rating.
• Institutional investors continue to show interest in Mission Produce, with holdings from firms like PNC Financial Services Group increasing their stake by over 123% in the first quarter.

Mission Produce, Inc. (NASDAQ:AVO - Get Free Report) shares were down 5.4% during mid-day trading on Wednesday . The company traded as low as $12.60 and last traded at $12.37. Approximately 108,215 shares traded hands during trading, a decline of 68% from the average daily volume of 337,870 shares. The stock had previously closed at $13.08.

Analyst Ratings Changes

A number of equities analysts have issued reports on AVO shares. Roth Capital raised their price target on shares of Mission Produce from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Stephens began coverage on shares of Mission Produce in a research report on Friday. They set an "overweight" rating and a $17.00 price target for the company. Finally, Zacks Research lowered shares of Mission Produce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Mission Produce Stock Performance

The company has a current ratio of 2.04, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $907.47 million, a PE ratio of 23.80 and a beta of 0.57. The firm's fifty day moving average price is $12.34 and its two-hundred day moving average price is $11.36.

Hedge Funds Weigh In On Mission Produce

Several institutional investors have recently made changes to their positions in AVO. Northern Trust Corp increased its holdings in shares of Mission Produce by 12.0% during the 4th quarter. Northern Trust Corp now owns 435,305 shares of the company's stock valued at $6,255,000 after purchasing an additional 46,748 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Mission Produce in the 4th quarter worth $201,000. Bank of America Corp DE increased its holdings in Mission Produce by 1.0% in the 4th quarter. Bank of America Corp DE now owns 102,193 shares of the company's stock worth $1,469,000 after acquiring an additional 1,003 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in Mission Produce by 96.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 225,025 shares of the company's stock worth $3,234,000 after acquiring an additional 110,198 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Mission Produce by 44.7% in the 4th quarter. Deutsche Bank AG now owns 49,762 shares of the company's stock worth $715,000 after acquiring an additional 15,384 shares in the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.

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.