Local Bounti (NYSE:LOCL) Earns Equal Weight Rating from Analysts at Morgan Stanley

Investment analysts at Morgan Stanley began coverage on shares of Local Bounti (NYSE:LOCLGet Rating) in a research report issued on Wednesday, The Fly reports. The firm set an “equal weight” rating on the stock.

Several other analysts have also commented on LOCL. Oppenheimer started coverage on shares of Local Bounti in a research report on Tuesday, December 21st. They issued an “outperform” rating and a $11.00 price target on the stock. Roth Capital started coverage on shares of Local Bounti in a research report on Tuesday, December 21st. They issued a “buy” rating and a $8.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Local Bounti in a research report on Tuesday, January 4th. They issued a “buy” rating and a $9.00 price target on the stock. Finally, Zacks Investment Research downgraded shares of Local Bounti from a “buy” rating to a “hold” rating in a research note on Thursday, April 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.88.

LOCL stock opened at $8.28 on Wednesday. The firm has a 50 day simple moving average of $6.74. Local Bounti has a 12 month low of $4.40 and a 12 month high of $12.87. The company has a current ratio of 5.87, a quick ratio of 5.82 and a debt-to-equity ratio of 0.11.

Several institutional investors and hedge funds have recently made changes to their positions in LOCL. Traynor Capital Management Inc. purchased a new position in Local Bounti during the fourth quarter worth approximately $77,000. Goldman Sachs Group Inc. purchased a new position in Local Bounti during the fourth quarter worth approximately $103,000. Penserra Capital Management LLC purchased a new position in Local Bounti during the fourth quarter worth approximately $169,000. Pinnacle Associates Ltd. purchased a new position in Local Bounti during the fourth quarter worth approximately $387,000. Finally, Allianz Asset Management GmbH purchased a new position in Local Bounti during the fourth quarter worth approximately $581,000. 89.85% of the stock is currently owned by institutional investors and hedge funds.

Local Bounti Company Profile (Get Rating)

Local Bounti Corporation grows fresh greens and herbs. It produces lettuce, herbs, and loose-leaf lettuce. The company was incorporated in 2018 and is headquartered in Hamilton, Montana.

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