Mission Produce executive chairman Barnard sells $1.06M in stock

Mission Produce's Executive Chairman, Stephen J. Barnard, recently sold $1.06 million worth of common stock. This sale comprised 81,496 shares, with prices ranging from $13.01 to $13.10 per share. Currently, AVO stock is trading at $11.83, below the selling prices. The company's financials show a high P/E ratio of 545 and low gross profit margins at 11%.

Barnard sold 15,000 shares on September 11 at an average price of $13.10, with the remaining 35,062 shares indirectly held by Barnard Properties, LLC. Two more transactions took place on September 14. On this day, Barnard sold 34,777 shares at $13.02 per share and 31,719 shares at $13.01 per share. These shares were indirectly held by the Stephen J. Barnard GT Trust and the Shelly R. Barnard GT Trust, respectively.

Currently, Barnard and his spouse jointly own 287,459 shares of Mission Produce common stock. In other news, Mission Produce reported strong Q3 revenue of $450 million, surpassing analysts' expectations. While adjusted EPS was $0.18, it fell short of the $0.20 estimate. The company's revenue surge was mainly due to the Calavo acquisition and increased avocado sales, with 253 million pounds sold, a 38% growth from the prior year.

Adjusted EBITDA reached $32.4 million, surpassing high-end guidance. Management raised annualized cost synergy expectations to over $30 million.