Local Bounti (NYSE:LOCL) Releases Quarterly Earnings Results

Local Bounti (NYSE:LOCL) released its quarterly earnings results on Wednesday. The company reported ($0.53) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.53), Zacks reports. The firm had revenue of $13.34 million for the quarter, compared to analyst estimates of $19.00 million.

Here are the key takeaways from Local Bounti’s conference call:

• Local Bounti reported Q1 revenue of $13.3 million, up 15% year over year and about 7% sequentially, driven by more consistent production across its facility network.
• Adjusted EBITDA loss improved 35% to $5.7 million, while adjusted G&A fell meaningfully, showing operating leverage as the company scales.
• Management said all three facilities are running at full harvestable capacity with committed customer demand, and yields reached the highest levels in company history after technology and tower upgrades.
• The company highlighted commercial momentum, including launches of two new retail accounts, extensions of existing supply agreements, and additional distribution wins for its Caesar Romano Salad Kit and other key products.
• Local Bounti closed a $15 million investment from an existing strategic investor, which management says adds flexibility to pursue growth and partnership opportunities while continuing toward positive adjusted EBITDA.

Local Bounti Trading Up 5.4%

Shares of Local Bounti stock traded up $0.10 during mid-day trading on Friday, hitting $1.96. 63,798 shares of the stock were exchanged, compared to its average volume of 962,041. The company has a 50-day simple moving average of $1.54 and a 200 day simple moving average of $2.00. Local Bounti has a twelve month low of $0.98 and a twelve month high of $4.00. The stock has a market capitalization of $43.91 million, a price-to-earnings ratio of -0.53 and a beta of 2.78.

Institutional Investors Weigh In On Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Walleye Trading LLC bought a new position in Local Bounti Corporation (NYSE:LOCL) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 23,364 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned about 0.10% of Local Bounti as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 28.01% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

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.