Q2 2022 EPS Estimates for Local Bounti Co. (NYSE:LOCL) Reduced by Oppenheimer

Local Bounti Co. (NYSE:LOCLGet Rating) – Analysts at Oppenheimer reduced their Q2 2022 earnings per share estimates for Local Bounti in a report released on Tuesday, May 10th. Oppenheimer analyst C. Rusch now expects that the company will earn ($0.22) per share for the quarter, down from their prior forecast of ($0.12). Oppenheimer also issued estimates for Local Bounti’s Q3 2022 earnings at ($0.20) EPS, Q4 2022 earnings at ($0.19) EPS, FY2022 earnings at ($0.91) EPS, FY2023 earnings at ($0.36) EPS, FY2024 earnings at $0.44 EPS and FY2025 earnings at $1.30 EPS.

Several other analysts also recently weighed in on the company. Morgan Stanley started coverage on Local Bounti in a report on Wednesday, April 20th. They issued an “equal weight” rating and a $8.50 target price for the company. Zacks Investment Research downgraded Local Bounti from a “buy” rating to a “hold” rating in a report on Thursday, April 7th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Local Bounti currently has a consensus rating of “Buy” and a consensus price target of $8.80.

Local Bounti stock opened at $5.15 on Friday. Local Bounti has a fifty-two week low of $4.28 and a fifty-two week high of $12.87. The company has a quick ratio of 5.82, a current ratio of 5.87 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $7.03.

Institutional investors and hedge funds have recently bought and sold shares of the business. Pinnacle Associates Ltd. purchased a new stake in Local Bounti during the 4th quarter valued at approximately $387,000. Monashee Investment Management LLC purchased a new stake in Local Bounti during the 4th quarter valued at approximately $2,580,000. Traynor Capital Management Inc. purchased a new stake in Local Bounti during the 4th quarter valued at approximately $77,000. Allianz Asset Management GmbH purchased a new stake in Local Bounti during the 4th quarter valued at approximately $581,000. Finally, Penserra Capital Management LLC purchased a new stake in Local Bounti during the 4th quarter valued at approximately $169,000. 67.70% of the stock is owned by hedge funds and other institutional investors.

About Local Bounti (Get Rating)

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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