Local Bounti Co. (NYSE:LOCL – Get Rating) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 3,690,000 shares, a decline of 7.3% from the November 30th total of 3,980,000 shares. Based on an average daily trading volume, of 245,600 shares, the days-to-cover ratio is currently 15.0 days. Currently, 10.9% of the company's stock are sold short.
Analyst Ratings Changes
Separately, Morgan Stanley reduced their price target on shares of Local Bounti from $4.00 to $2.75 and set an "equal weight" rating for the company in a report on Friday, November 11th.
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Local Bounti Stock Performance
LOCL stock traded down $0.06 on Wednesday, reaching $1.35. The company's stock had a trading volume of 1,256 shares, compared to its average volume of 295,909. Local Bounti has a 52 week low of $1.22 and a 52 week high of $9.66. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.98 and a current ratio of 2.24. The firm has a fifty day moving average of $2.19 and a two-hundred day moving average of $2.99.
Local Bounti (NYSE:LOCL – Get Rating) last released its quarterly earnings results on Thursday, November 10th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). Local Bounti had a negative return on equity of 101.76% and a negative net
margin of 857.87%. The business had revenue of $6.29 million during the quarter, compared to the consensus estimate of $6.84 million. Analysts anticipate that Local Bounti will post -1.24 earnings per share for the current fiscal year.
Insider Activity at Local Bounti
In other Local Bounti news, Director Mark Joseph Nelson sold 9,696 shares of the stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $2.76, for a total transaction of $26,760.96. Following the transaction, the director now owns 188,161 shares of the company's stock, valued at approximately $519,324.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Local Bounti news, insider B. David Vosburg sold 15,000 shares of Local Bounti stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $2.25, for a total value of $33,750.00. Following the completion of the transaction, the insider now directly owns 1,192,428 shares in the company, valued at $2,682,963. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark Joseph Nelson sold 9,696 shares of the stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $2.76, for a total value of $26,760.96. Following the sale, the director now owns 188,161 shares in the company, valued at $519,324.36. The disclosure for this sale can be found here. 41.50% of the stock is owned by corporate insiders.
Institutional Trading of Local Bounti
A number of hedge funds and other institutional investors have recently made changes to their positions in LOCL. Global Retirement Partners LLC raised its holdings in Local Bounti by 49.3% during the second quarter. Global Retirement Partners LLC now owns 18,160 shares of the company's stock worth $58,000 after purchasing an additional 6,000 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Local Bounti by 27.1% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 804,562 shares of the company's stock valued at $2,559,000 after buying an additional 171,373 shares during the period. C M Bidwell & Associates Ltd. bought a new position in Local Bounti during the second quarter valued at about $54,000. Main Street Research LLC acquired a new position in Local Bounti during the second quarter worth about $1,918,000. Finally, Sheets Smith Wealth Management raised its position in Local Bounti by 22.2% in the second quarter. Sheets Smith Wealth Management now owns 16,500 shares of the company's stock worth $52,000 after acquiring an additional 3,000 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.
Local Bounti Company Profile
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Local Bounti Corporation grows fresh greens and herbs in the United States. It produces lettuce, herbs, and loose-leaf lettuce. The company sells its products to food retailers and food service distributors. Local Bounti Corporation was founded in 2018 and is headquartered in Hamilton, Montana.
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