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

Financial News Live · Sep 9, 2022 08:01

Mission Produce (NASDAQ:AVO – Get Rating) posted its quarterly earnings data on Thursday. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.04), Briefing.com reports. Mission Produce had a net margin of 2.48% and a return on equity of 4.91%. The business had revenue of $313.20 million during the quarter, compared to analysts' expectations of $292.93 million. During the same period in the previous year, the business posted $0.27 EPS. The company's revenue for the quarter was up 26.9% compared to the same quarter last year.

Mission Produce Stock Performance

Shares of Mission Produce stock opened at $15.45 on Friday. The firm's fifty day simple moving average is $15.26 and its 200-day simple moving average is $13.87. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 45.44, a PEG ratio of 2.86 and a beta of 0.02. Mission Produce has a 12 month low of $11.04 and a 12 month high of $21.03. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.98 and a quick ratio of 1.28.

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Insider Activity

In other news, CFO Bryan E. Giles sold 3,085 shares of Mission Produce stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $14.63, for a total value of $45,133.55. Following the transaction, the chief financial officer now directly owns 73,957 shares of the company's stock, valued at approximately $1,081,990.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Mission Produce news, CFO Bryan E. Giles sold 2,500 shares of the business's stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $16.50, for a total value of $41,250.00. Following the transaction, the chief financial officer now directly owns 73,957 shares of the company's stock, valued at approximately $1,220,290.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Bryan E. Giles sold 3,085 shares of the business's stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $14.63, for a total transaction of $45,133.55. Following the completion of the transaction, the chief financial officer now directly owns 73,957 shares in the company, valued at $1,081,990.91. The disclosure for this sale can be found here. Insiders have sold 8,085 shares of company stock valued at $125,134 in the last ninety days. 43.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mission Produce

Several institutional investors have recently bought and sold shares of AVO. Legal & General Group Plc grew its stake in shares of Mission Produce by 124.1% during the 2nd quarter. Legal & General Group Plc now owns 14,077 shares of the company's stock worth $201,000 after purchasing an additional 7,796 shares during the period. Jane Street Group LLC acquired a new position in shares of Mission Produce during the 2nd quarter worth $202,000. State Street Corp grew its stake in shares of Mission Produce by 10.8% during the 2nd quarter. State Street Corp now owns 737,694 shares of the company's stock worth $10,512,000 after purchasing an additional 71,831 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Mission Produce by 53.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,451 shares of the company's stock worth $106,000 after purchasing an additional 2,590 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Mission Produce by 10.1% during the 2nd quarter. Northern Trust Corp now owns 352,135 shares of the company's stock worth $5,018,000 after purchasing an additional 32,440 shares during the period. 22.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Stephens lifted their price target on shares of Mission Produce to $17.00 in a research note on Thursday, June 9th. TheStreet upgraded shares of Mission Produce from a "d+" rating to a "c-" rating in a research note on Tuesday, July 19th.

About Mission Produce

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Mission Produce, Inc engages in sourcing, producing, packaging, and distributing avocados in the United States and internationally. The company operates through two segments, Marketing and Distribution, and International Farming. It also provides value-added services, including ripening, bagging, custom packing, and logistical management.