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

Shares of Local Bounti Corporation (NYSE:LOCL) shot up 3.7% during trading on Thursday . The stock traded as high as $1.58 and last traded at $1.5350. 19,401 shares were traded during mid-day 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 downgraded shares of Local Bounti from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Local Bounti Stock Performance

The company has a market cap of $35.00 million, a PE ratio of -0.41 and a beta of 2.68. The stock’s 50-day simple moving average is $1.75 and its 200 day simple moving average is $1.91.

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

Hedge Funds Weigh In On Local Bounti

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

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.