Local Bounti Corporation (NYSE:LOCL) Sees Large Increase in Short Interest

Local Bounti Corporation (NYSE:LOCL) was the recipient of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 54,685 shares, an increase of 22.8% from the February 26th total of 44,537 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 29,843 shares, the short-interest ratio is currently 1.8 days.

Local Bounti Stock Down 2.1%

Shares of NYSE LOCL traded down $0.02 during trading hours on Monday, hitting $1.07. 21,565 shares of the stock were exchanged, compared to its average volume of 24,211. Local Bounti has a 12 month low of $0.98 and a 12 month high of $5.75. The firm has a fifty day moving average price of $1.60 and a 200-day moving average price of $2.26. The company has a market cap of $23.76 million, a PE ratio of -0.14 and a beta of 2.13.

Local Bounti (NYSE:LOCL) last announced its earnings results on Wednesday, March 25th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.22. The firm had revenue of $12.46 million during the quarter, compared to analyst estimates of $15.00 million. As a group, equities analysts anticipate that Local Bounti will post -13.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Local Bounti in a research note on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

Institutional Investors Weigh In On Local Bounti

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LOCL. Outfitters Financial LLC grew its stake in shares of Local Bounti by 99.4% during the fourth quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock worth $65,000 after acquiring an additional 15,099 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new position in shares of Local Bounti in the 4th quarter valued at approximately $121,000. Walleye Capital LLC acquired a new stake in Local Bounti in the 4th quarter worth approximately $691,000. Walleye Trading LLC purchased a new stake in Local Bounti during the 4th quarter worth approximately $50,000. Finally, BBR Partners LLC grew its position in Local Bounti by 564.7% during the 2nd 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 currently owned by hedge funds and other institutional investors.

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.