Local Bounti (NYSE:LOCL) Stock Price Down 4.3% – What’s Next?

Shares of Local Bounti Corporation (NYSE:LOCL) were down 4.3% on Thursday . The stock traded as low as $2.20 and last traded at $2.22. Approximately 29,108 shares changed hands during mid-day trading, an increase of 64% from the average daily volume of 17,753 shares. The stock had previously closed at $2.32.

Local Bounti Stock Down 4.3%

The company has a 50-day simple moving average of $2.25 and a two-hundred day simple moving average of $2.29. The stock has a market cap of $24.22 million, a P/E ratio of -0.14 and a beta of 2.00.

Local Bounti (NYSE:LOCL) last announced its earnings results on Wednesday, May 14th. The company reported ($4.32) EPS for the quarter, missing analysts’ consensus estimates of ($1.31) by ($3.01). The company had revenue of $10.07 million during the quarter, compared to the consensus estimate of $11.30 million. During the same period in the previous year, the company posted ($2.25) EPS. As a group, sell-side analysts forecast that Local Bounti Corporation will post -13.81 earnings per share for the current fiscal year.

Insider Activity at Local Bounti

In related news, major shareholder Charles R. Schwab bought 1,700,723 shares of the business’s stock in a transaction dated Monday, March 31st. The shares were purchased at an average cost of $2.00 per share, with a total value of $3,401,446.00. Following the completion of the purchase, the insider now owns 1,700,723 shares in the company, valued at approximately $3,401,446. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles R. Jr. Schwab bought 70,863 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was bought at an average cost of $2.00 per share, for a total transaction of $141,726.00. Following the completion of the purchase, the director now owns 70,863 shares of the company’s stock, valued at approximately $141,726. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 31.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Walleye Trading LLC acquired a new stake in shares of Local Bounti Corporation (NYSE:LOCL) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,001 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned about 0.28% of Local Bounti at the end of the most recent reporting period. 28.01% of the stock is currently owned by institutional investors.

About Local Bounti

Local Bounti Corporation grows and packs fresh greens 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.