10 Best Vegan Stocks to Buy According to Analysts

8. Calavo Growers, Inc. (NASDAQ:CVGW)

Analyst Upside: 53.71%

Number of Hedge Fund Holders: 22

Calavo Growers, Inc. (NASDAQ:CVGW) markets and distributes fresh and prepared avocados to mass merchandisers, retail grocery, food service, food distributors, wholesalers, and club stores globally. It derives avocados from Mexico, California, and other growing regions from around the globe. The company operates in two segments: Prepared and Grown. The Grown segment comprises fresh avocados, papayas, and tomatoes. The Prepared segment manages guacamole products and avocado pulp sold to food service and retail. Calavo Growers, Inc. (NASDAQ:CVGW) sells its products under the Calavo family of branded and private labels, distributing them domestically and internationally.

The company reported optimistic results for fiscal year 2024, with total net sales growing 11.4% to $661.5 million from the prior year. Its Grown segment took the lead in this growth, reporting a 13.3% increase in net sales to $597.6 million. Calavo Growers, Inc.’s (NASDAQ:CVGW) total gross profit also increased 8.3% to $67.8 million from the prior year, with that of the Grown segment increasing 9.4% to $55.3 million and the Prepared segment gross profit rising 3.8% to $12.5 million.

The company strategically decided to sell its Fresh Cut business in fiscal Q1 2024 and sharpen its focus on its core avocado and guacamole operations. By divesting Fresh Cut, Calavo Growers, Inc. (NASDAQ:CVGW) enhanced its core operations, streamlined its corporate structure, and strengthened its balance sheet by reducing debt and generating a strong cash position.