Mission Produce (NASDAQ:AVO) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Mission Produce (NASDAQ:AVO) posted its quarterly earnings data on Monday. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.04), FiscalAI reports. Mission Produce had a return on equity of 8.24% and a net margin of 2.48%.The company had revenue of $290.90 million for the quarter, compared to the consensus estimate of $256.30 million.

Mission Produce Price Performance

NASDAQ:AVO traded down $0.11 during mid-day trading on Monday, hitting $10.11. The company’s stock had a trading volume of 1,964,681 shares, compared to its average volume of 954,812. Mission Produce has a fifty-two week low of $10.07 and a fifty-two week high of $15.53. The company has a current ratio of 1.86, a quick ratio of 1.19 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $716.25 million, a price-to-earnings ratio of 21.98 and a beta of 0.50. The stock has a fifty day moving average of $13.09 and a 200-day moving average of $12.93.

Analyst Upgrades and Downgrades

AVO has been the topic of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Mission Produce in a report on Monday, April 20th. Freedom Capital upgraded Mission Produce to a “strong-buy” rating in a research report on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Insider Transactions at Mission Produce

In other Mission Produce news, major shareholder Holdings Venture Globalharvest purchased 3,695 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average price of $11.94 per share, with a total value of $44,118.30. Following the completion of the transaction, the insider directly owned 9,991,577 shares of the company’s stock, valued at approximately $119,299,429.38. This trade represents a 0.04% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 30.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in Mission Produce in the third quarter worth about $29,000. Tower Research Capital LLC TRC grew its position in Mission Produce by 211.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,649 shares of the company’s stock valued at $54,000 after acquiring an additional 3,158 shares during the period. Public Employees Retirement System of Ohio grew its position in Mission Produce by 466.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,035 shares of the company’s stock valued at $82,000 after acquiring an additional 5,792 shares during the period. Virtus Advisers LLC bought a new stake in Mission Produce in the third quarter valued at $95,000. Finally, Brooklyn Investment Group grew its position in Mission Produce by 11,842.6% in the third quarter. Brooklyn Investment Group now owns 11,226 shares of the company’s stock valued at $135,000 after acquiring an additional 11,132 shares during the period. Institutional investors and hedge funds own 63.57% of the company’s stock.

About Mission Produce

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.