Local Bounti Co. (NYSE:LOCL – Get Rating) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 4,220,000 shares, a decrease of 5.4% from the February 13th total of 4,460,000 shares. Based on an average daily trading volume, of 301,200 shares, the short-interest ratio is presently 14.0 days. Approximately 9.9% of the shares of the stock are sold short.
Local Bounti Trading Down 6.1 %
Shares of LOCL stock opened at $0.35 on Friday. Local Bounti has a 52-week low of $0.33 and a 52-week high of $9.66. The company has a current ratio of 2.24, a quick ratio of 1.98 and a debt-to-equity ratio of 0.95. The stock has a fifty day simple moving average of $0.86 and a two-hundred day simple moving average of $1.94.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in LOCL. Citigroup Inc. purchased a new position in shares of Local Bounti during the first quarter valued at about $40,000. BlackRock Inc. purchased a new position in Local Bounti in the first quarter worth about $3,046,000. Allianz Asset Management GmbH grew its position in Local Bounti by 562.8% in the first quarter. Allianz Asset Management GmbH now owns 596,835 shares of the company’s stock worth $5,067,000 after acquiring an additional 506,789 shares in the last quarter. Vanguard Group Inc. grew its position in Local Bounti by 101.9% in the first quarter. Vanguard Group Inc. now owns 1,276,014 shares of the company’s stock worth $10,833,000 after acquiring an additional 644,115 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. purchased a new position in Local Bounti in the first quarter worth about $126,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.
About Local Bounti
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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