Insider Buying: Local Bounti Co. (NYSE:LOCL) Major Shareholder Acquires $3,401,446.00 in Stock

Local Bounti Co. (NYSE:LOCL) major shareholder Charles R. Schwab bought 1,700,723 shares of the stock in a transaction dated Monday, March 31st. The stock was bought at an average cost of $2.00 per share, for a total transaction of $3,401,446.00. Following the acquisition, the insider now directly owns 1,700,723 shares of the company’s stock, valued at approximately $3,401,446. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Local Bounti Stock Up 58.8 %

Shares of LOCL stock opened at $4.48 on Friday. The company’s fifty day simple moving average is $2.24 and its two-hundred day simple moving average is $2.20. Local Bounti Co. has a 52 week low of $1.18 and a 52 week high of $4.75. The stock has a market cap of $38.76 million, a P/E ratio of -0.25 and a beta of 2.20.

Local Bounti (NYSE:LOCL) last posted its earnings results on Monday, March 31st. The company reported ($4.21) EPS for the quarter, missing analysts’ consensus estimates of ($3.89) by ($0.32). The firm had revenue of $10.07 million during the quarter, compared to analysts’ expectations of $10.95 million. Local Bounti had a negative return on equity of 1,095.76% and a negative net margin of 427.08%. During the same quarter in the prior year, the firm posted ($8.10) earnings per share. On average, analysts anticipate that Local Bounti Co. will post -13.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Local Bounti stock. Walleye Trading LLC acquired a new stake in shares of Local Bounti Co. (NYSE:LOCL) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 24,001 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned about 0.28% of Local Bounti as of its most recent SEC filing. 28.01% of the stock is currently owned by institutional investors and hedge funds.

About Local Bounti

Local Bounti Corporation grows and packs fresh greens in the United States. It produces lettuce, herbs, and loose-leaf lettuce. The company sells its products to food retailers and food service distributors. Local Bounti Corporation was founded in 2018 and is headquartered in Hamilton, Montana.