Mission Produce, Inc. (NASDAQ:AVO) Sees Significant Drop in Short Interest

Mission Produce, Inc. (NASDAQ:AVO) was the recipient of a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 1,160,000 shares, a decline of 10.8% from the May 15th total of 1,300,000 shares. Based on an average daily volume of 218,300 shares, the short-interest ratio is presently 5.3 days. Approximately 2.7% of the shares of the company are sold short.

Analysts Set New Price Targets

Separately, Lake Street Capital initiated coverage on shares of Mission Produce in a report on Friday, May 17th. They set a “buy” rating and a $15.00 price objective for the company.

Mission Produce Trading Down 1.0 %

Shares of AVO stock traded down $0.10 during mid-day trading on Tuesday, hitting $10.17. The company’s stock had a trading volume of 32,455 shares, compared to its average volume of 192,716. The company has a market cap of $721.15 million, a PE ratio of 41.08 and a beta of 0.51. Mission Produce has a 52 week low of $8.19 and a 52 week high of $13.00. The company’s fifty day simple moving average is $11.67 and its 200-day simple moving average is $10.90. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.49 and a current ratio of 2.27.

Mission Produce (NASDAQ:AVO) last posted its earnings results on Thursday, June 6th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. Mission Produce had a net margin of 1.64% and a return on equity of 5.64%. The company had revenue of $297.60 million during the quarter, compared to the consensus estimate of $226.70 million. As a group, equities research analysts expect that Mission Produce will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Mission Produce

In other news, Director Luis A. Gonzalez sold 27,422 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $12.23, for a total transaction of $335,371.06. Following the completion of the sale, the director now directly owns 123,000 shares of the company’s stock, valued at approximately $1,504,290. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Mission Produce news, Director Luis A. Gonzalez sold 27,422 shares of Mission Produce stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $12.23, for a total value of $335,371.06. Following the completion of the sale, the director now directly owns 123,000 shares in the company, valued at $1,504,290. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Luis A. Gonzalez sold 30,438 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $11.49, for a total value of $349,732.62. Following the transaction, the director now directly owns 7,736,482 shares in the company, valued at approximately $88,892,178.18. The disclosure for this sale can be found here. Insiders sold a total of 252,862 shares of company stock worth $2,929,046 over the last 90 days. Insiders own 41.60% of the company’s stock.

Hedge Funds Weigh In On Mission Produce

Several hedge funds have recently bought and sold shares of the company. Nuance Investments LLC boosted its position in Mission Produce by 7.6% during the 4th quarter. Nuance Investments LLC now owns 4,621,456 shares of the company’s stock valued at $46,630,000 after buying an additional 327,889 shares during the period. Vanguard Group Inc. raised its position in shares of Mission Produce by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 2,831,250 shares of the company’s stock worth $33,607,000 after purchasing an additional 29,822 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Mission Produce by 10.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 658,038 shares of the company’s stock valued at $6,640,000 after buying an additional 59,983 shares during the last quarter. Buckingham Strategic Partners LLC purchased a new stake in Mission Produce during the 4th quarter valued at $3,952,000. Finally, Raymond James & Associates increased its holdings in Mission Produce by 12.2% in the 4th quarter. Raymond James & Associates now owns 271,107 shares of the company’s stock worth $2,735,000 after buying an additional 29,561 shares in the last quarter. Hedge funds and other institutional investors own 63.57% of the company’s stock.

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.