Mission Produce (NASDAQ:AVO) Stock Price Down 5.4% - Time to Sell?

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)'s share price was down 5.4% during mid-day trading on Wednesday . The stock 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

Several analysts have commented on the stock. Stephens assumed 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. Roth Capital increased their price objective on shares of Mission Produce from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Zacks Research downgraded 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 stock. Based on data from MarketBeat.com, Mission Produce presently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Mission Produce Stock Performance

The stock has a 50-day moving average of $12.34 and a 200 day moving average of $11.37. The company has a quick ratio of 1.23, a current ratio of 2.04 and a debt-to-equity ratio of 0.25. The stock has a market cap of $899.69 million, a PE ratio of 23.59 and a beta of 0.57.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its position in shares of Mission Produce by 211.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company's stock worth $54,000 after acquiring an additional 3,158 shares in the last quarter. Man Group plc raised its stake in shares of Mission Produce by 105.5% during the 2nd quarter. Man Group plc now owns 169,505 shares of the company's stock worth $1,987,000 after buying an additional 87,011 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Mission Produce by 69.9% during the 2nd quarter. Lazard Asset Management LLC now owns 187,970 shares of the company's stock worth $2,203,000 after buying an additional 77,327 shares in the last quarter. Gallagher Fiduciary Advisors LLC raised its stake in shares of Mission Produce by 23.1% during the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 28,332 shares of the company's stock worth $332,000 after buying an additional 5,311 shares in the last quarter. Finally, Quantinno Capital Management LP purchased a new position in shares of Mission Produce during the 2nd quarter worth approximately $302,000. 63.57% of the stock is owned by institutional investors and hedge funds.

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.