Local Bounti (NYSE:LOCL) PT Lowered to $2.75

Local Bounti (NYSE:LOCLGet Rating) had its target price reduced by Morgan Stanley from $4.00 to $2.75 in a report published on Friday, MarketBeat Ratings reports. Morgan Stanley currently has an equal weight rating on the stock.

Local Bounti Price Performance

NYSE LOCL opened at $2.61 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 4.94 and a current ratio of 5.27. Local Bounti has a one year low of $2.22 and a one year high of $12.87. The firm’s fifty day moving average is $2.83 and its two-hundred day moving average is $3.73.

Local Bounti (NYSE:LOCLGet Rating) last posted its quarterly earnings data on Monday, August 15th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.15). The business had revenue of $6.27 million during the quarter, compared to analyst estimates of $5.96 million. Local Bounti had a negative net margin of 955.09% and a negative return on equity of 117.67%. On average, analysts forecast that Local Bounti will post -1.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Local Bounti

In other Local Bounti news, major shareholder Charles R. Schwab acquired 3,000,000 shares of the company’s stock in a transaction on Friday, October 21st. The shares were bought at an average cost of $2.50 per share, for a total transaction of $7,500,000.00. Following the completion of the purchase, the insider now owns 11,157,694 shares in the company, valued at approximately $27,894,235. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Craig M. Hurlbert sold 15,913 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $4.00, for a total transaction of $63,652.00. Following the transaction, the chief executive officer now directly owns 17,853,824 shares in the company, valued at $71,415,296. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Charles R. Schwab purchased 3,000,000 shares of the company’s stock in a transaction dated Friday, October 21st. The shares were purchased at an average price of $2.50 per share, for a total transaction of $7,500,000.00. Following the completion of the purchase, the insider now owns 11,157,694 shares of the company’s stock, valued at $27,894,235. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 48,828 shares of company stock worth $183,289. 41.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC boosted its holdings in Local Bounti by 129.2% during the third quarter. Nuveen Asset Management LLC now owns 60,021 shares of the company’s stock worth $170,000 after buying an additional 33,835 shares in the last quarter. Credit Suisse AG boosted its holdings in Local Bounti by 32.5% during the third quarter. Credit Suisse AG now owns 48,380 shares of the company’s stock worth $138,000 after buying an additional 11,865 shares in the last quarter. IFP Advisors Inc purchased a new stake in Local Bounti during the third quarter worth about $60,000. SG Americas Securities LLC purchased a new stake in Local Bounti during the third quarter worth about $45,000. Finally, Legal & General Group Plc purchased a new stake in Local Bounti during the second quarter worth about $94,000. 54.73% of the stock is currently owned by institutional investors and hedge funds.

About Local Bounti

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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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