Local Bounti Corporation (NYSE:LOCL) Short Interest Update

Local Bounti Corporation (NYSE:LOCL) saw a significant decline in short interest in October. As of October 15th, there was short interest totaling 61,300 shares, a decline of 31.4% from the September 30th total of 89,300 shares. Currently, 2.6% of the company’s stock are sold short. Based on an average daily trading volume, of 31,800 shares, the short-interest ratio is presently 1.9 days. Based on an average daily trading volume, of 31,800 shares, the short-interest ratio is presently 1.9 days. Currently, 2.6% of the company’s stock are sold short.

Local Bounti Price Performance

NYSE LOCL traded down $0.01 on Monday, hitting $2.58. The stock had a trading volume of 13,383 shares, compared to its average volume of 24,156. The business’s fifty day moving average price is $2.79 and its 200 day moving average price is $2.58. Local Bounti has a 52-week low of $1.18 and a 52-week high of $5.75. The stock has a market cap of $56.96 million, a price-to-earnings ratio of -0.18 and a beta of 2.09.

Local Bounti (NYSE:LOCL) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($1.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.95) by $0.32. The firm had revenue of $12.10 million during the quarter, compared to analysts’ expectations of $12.40 million. As a group, sell-side analysts anticipate that Local Bounti will post -13.81 EPS for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Local Bounti in a research note on Tuesday, October 14th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Hedge Funds Weigh In On Local Bounti

Institutional investors and hedge funds have recently bought and sold shares of the company. Outfitters Financial LLC purchased a new position in Local Bounti in the third quarter worth $45,000. Pinnacle Associates Ltd. purchased a new position in Local Bounti in the first quarter worth $64,000. Finally, BBR Partners LLC grew its holdings in Local Bounti by 564.7% in the second quarter. BBR Partners LLC now owns 194,696 shares of the company’s stock worth $456,000 after purchasing an additional 165,403 shares during the last quarter. 28.01% of the stock is owned by hedge funds and other 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.