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

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

Local Bounti Stock Up 9.3%

Shares of NYSE:LOCL traded up $0.10 during trading on Tuesday, reaching $1.18. 22,415 shares of the company’s stock traded hands, compared to its average volume of 24,723. Local Bounti has a fifty-two week low of $0.98 and a fifty-two week high of $5.75. The company has a 50-day simple moving average of $1.57 and a 200-day simple moving average of $2.25. The firm has a market cap of $26.28 million, a PE ratio of -0.16 and a beta of 2.13.

Local Bounti (NYSE:LOCL) last issued its quarterly earnings results on Wednesday, March 25th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.22. The business had revenue of $12.46 million for the quarter, compared to analysts’ expectations of $15.00 million. On average, equities research analysts forecast that Local Bounti will post -13.81 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Trading of Local Bounti

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Outfitters Financial LLC purchased a new position in shares of Local Bounti in the third quarter valued at approximately $45,000. Walleye Trading LLC acquired a new position in Local Bounti during the fourth quarter worth about $50,000. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in Local Bounti during the 4th quarter valued at about $121,000. BBR Partners LLC raised its holdings in Local Bounti by 564.7% in the 2nd quarter. BBR Partners LLC now owns 194,696 shares of the company’s stock valued at $456,000 after acquiring an additional 165,403 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in Local Bounti in the 4th quarter worth approximately $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.