Local Bounti (NYSE:LOCL) Trading 3.3% Higher – Still a Buy?

Local Bounti Corporation (NYSE:LOCL) shares rose 3.3% during mid-day trading on Monday . The stock traded as high as $2.0250 and last traded at $2.0250. Approximately 7,201 shares were traded during trading, a decline of 34% from the average daily volume of 10,943 shares. The stock had previously closed at $1.96.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Local Bounti in a research report on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Local Bounti has a consensus rating of “Sell”.

Local Bounti Stock Up 3.3%

The business has a fifty day moving average of $2.28 and a 200 day moving average of $2.56. The firm has a market cap of $45.10 million, a P/E ratio of -0.18 and a beta of 2.10.

Local Bounti (NYSE:LOCL) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.24. The business had revenue of $12.20 million for the quarter, compared to analyst estimates of $12.60 million. During the same period in the prior year, the business earned ($4.01) EPS. Research analysts expect that Local Bounti Corporation will post -13.81 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Outfitters Financial LLC acquired a new stake in shares of Local Bounti during the third quarter worth $45,000. Schwarz Dygos Wheeler Investment Advisors LLC bought a new position in Local Bounti during the fourth quarter worth about $121,000. Finally, BBR Partners LLC increased its position in Local Bounti by 564.7% during the second quarter. BBR Partners LLC now owns 194,696 shares of the company’s stock worth $456,000 after acquiring an additional 165,403 shares during the period. 28.01% of the stock is owned by institutional investors and hedge funds.

Local Bounti Company Profile

Local Bounti Inc is a technology-driven indoor farming company that cultivates non-GMO leafy greens, microgreens and culinary herbs in controlled environment agriculture (CEA) facilities. By leveraging its proprietary Hybrid Growing System, the company maintains precise control over lighting, temperature and nutrient delivery, enabling year-round production of high-quality produce free from pesticides and seasonality constraints.

Headquartered in Montana, Local Bounti operates multiple cultivation centers across the United States, each designed to maximize water efficiency and minimize land use.