Short Interest in Local Bounti Corporation (NYSE:LOCL) Declines By 25.0%

Local Bounti Corporation (NYSE:LOCL) was the recipient of a large decline in short interest in December. As of December 31st, there was short interest totaling 67,435 shares, a decline of 25.0% from the December 15th total of 89,914 shares. Currently, 0.4% of the company’s stock are sold short. Based on an average trading volume of 15,006 shares, the short-interest ratio is presently 4.5 days. Based on an average trading volume of 15,006 shares, the short-interest ratio is presently 4.5 days. Currently, 0.4% of the company’s stock are sold short.

Institutional Trading of Local Bounti

A hedge fund recently bought a new stake in Local Bounti stock. Outfitters Financial LLC bought a new position in shares of Local Bounti Corporation (NYSE:LOCL) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 15,192 shares of the company’s stock, valued at approximately $45,000. Outfitters Financial LLC owned about 0.07% of Local Bounti as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 28.01% of the company’s stock.

Local Bounti Stock Performance

NYSE LOCL traded down $0.06 during trading hours on Friday, hitting $2.20. 10,355 shares of the company traded hands, compared to its average volume of 12,962. The business’s 50-day moving average is $2.38 and its 200-day moving average is $2.63. The stock has a market capitalization of $48.99 million, a price-to-earnings ratio of -0.19 and a beta of 2.10. Local Bounti has a twelve month low of $1.89 and a twelve month high of $5.75.

Local Bounti (NYSE:LOCL) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.24. The business had revenue of $12.20 million during the quarter, compared to the consensus estimate of $12.60 million. During the same quarter in the prior year, the company earned ($4.01) EPS. Analysts predict that Local Bounti will post -13.81 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Local Bounti in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

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.