Mission Produce (NASDAQ:AVO) Shares Gap Up on Earnings Beat

Mission Produce, Inc. (NASDAQ:AVO - Get Free Report)'s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $10.50, but opened at $10.99. Mission Produce shares last traded at $11.05, with a volume of 185,342 shares changing hands.

The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.09. The firm had revenue of $380.30 million during the quarter, compared to analyst estimates of $296.15 million. Mission Produce had a net margin of 2.97% and a return on equity of 8.48%. Mission Produce's revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 EPS.

Insider Activity at Mission Produce

In related news, insider Juan R. Wiesner sold 75,153 shares of Mission Produce stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $10.08, for a total value of $757,542.24. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at $10,080,000. This trade represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 35.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mission Produce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its stake in shares of Mission Produce by 123.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,950 shares of the company's stock worth $31,000 after buying an additional 1,628 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Mission Produce by 1,255.4% during the first quarter. GAMMA Investing LLC now owns 3,375 shares of the company's stock worth $322,000 after purchasing an additional 3,126 shares during the period. New York State Teachers Retirement System bought a new position in Mission Produce in the fourth quarter valued at approximately $57,000. Ameriflex Group Inc. acquired a new position in shares of Mission Produce during the fourth quarter worth $57,000. Finally, State of Wyoming bought a new stake in Mission Produce in the fourth quarter valued at $63,000. 63.57% of the stock is owned by institutional investors and hedge funds.

Mission Produce Trading Up 5.2%

The company has a quick ratio of 1.26, a current ratio of 1.87 and a debt-to-equity ratio of 0.23. The firm's 50-day moving average price is $10.40 and its 200 day moving average price is $11.62. The company has a market capitalization of $784.99 million, a P/E ratio of 21.65 and a beta of 0.56.

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.

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