Local Bounti (NYSE:LOCL) Stock Jumps 1.4% – Time to Buy?

Local Bounti Corporation (NYSE:LOCL)’s share price shot up 1.4% during mid-day trading on Friday. The stock traded as high as $0.9311 and last traded at $0.9380. 2,202 shares changed hands during trading, a decline of 90% from the average session volume of 22,987 shares. The stock had previously closed at $0.9254.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of Local Bounti from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 19th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Local Bounti Trading Up 1.4%

The firm has a market cap of $21.93 million, a P/E ratio of -0.34 and a beta of 2.81. The company has a fifty day moving average price of $1.05 and a two-hundred day moving average price of $1.41.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.18). The company had revenue of $13.85 million during the quarter, compared to analyst estimates of $22.00 million.

Insider Activity at Local Bounti

In related news, CEO Kathleen Valiasek sold 118,720 shares of the business’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $1.06, for a total value of $125,843.20. Following the sale, the chief executive officer directly owned 1,406,140 shares of the company’s stock, valued at approximately $1,490,508.40. The trade was a 7.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 14.20% of the stock is currently owned by insiders.

About Local Bounti

Local Bounti Corporation was an indoor agriculture company that used controlled-environment farming to grow fresh produce year-round. Its operations were designed to use hydroponic systems and indoor growing environments, helping provide consistent growing conditions while reducing the distance between farms and consumers.

The company produced and marketed leafy greens, lettuce, herbs and other fresh vegetables under the Local Bounti brand. Its products were distributed through retail and food-service channels, with a focus on serving customers in regional markets from its indoor farms in the United States.

Local Bounti was founded in 2018 and became publicly traded in 2021 after completing a business combination with Leo Holdings Corp.