Local Bounti (NYSE:LOCL) Stock Price Up 3.7% – Here’s Why

Local Bounti Corporation (NYSE:LOCL) shares shot up 3.7% during mid-day trading on Thursday . The stock traded as high as $1.58 and last traded at $1.5350. 19,401 shares traded hands during trading, a decline of 70% from the average session volume of 64,445 shares. The stock had previously closed at $1.48.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Local Bounti has an average rating of “Sell”.

Local Bounti Stock Performance

The firm has a market capitalization of $32.97 million, a PE ratio of -0.39 and a beta of 2.68. The company has a fifty day moving average price of $1.75 and a 200-day moving average price of $1.91.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.53) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.53). The firm had revenue of $13.34 million for the quarter, compared to analysts’ expectations of $19.00 million.

Institutional Trading of Local Bounti

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Walleye Trading LLC purchased a new stake in Local Bounti during the 4th quarter valued at $50,000. Walleye Capital LLC purchased a new stake in Local Bounti during the 4th quarter valued at $691,000. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in Local Bounti during the 4th quarter valued at $121,000. Finally, Outfitters Financial LLC raised its holdings in Local Bounti by 99.4% during the 4th quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock valued at $65,000 after buying an additional 15,099 shares during the period. Hedge funds and other institutional investors own 28.01% of the company’s stock.

About Local Bounti

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.