Weiss Ratings Reiterates Sell (E+) Rating for Local Bounti (NYSE:LOCL)

Local Bounti (NYSE:LOCL)‘s stock had its “sell (e+)” rating restated by analysts at Weiss Ratings in a report issued on Tuesday,Weiss Ratings reports.

Local Bounti Stock Performance

Shares of NYSE LOCL opened at $3.41 on Tuesday. Local Bounti has a 52-week low of $1.18 and a 52-week high of $5.75. The firm has a 50 day moving average price of $2.68 and a two-hundred day moving average price of $2.62. The stock has a market cap of $75.32 million, a P/E ratio of -0.24 and a beta of 2.10.

Local Bounti (NYSE:LOCL) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($1.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.95) by $0.32. The business had revenue of $12.10 million during the quarter, compared to analyst estimates of $12.40 million. Analysts predict that Local Bounti will post -13.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Local Bounti

An institutional investor recently bought a new position in Local Bounti stock. Pinnacle Associates Ltd. acquired a new stake in Local Bounti Corporation (NYSE:LOCL) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 30,845 shares of the company’s stock, valued at approximately $64,000. Pinnacle Associates Ltd. owned about 0.29% of Local Bounti as of its most recent filing with the SEC. 28.01% of the stock is currently owned by institutional investors.

Local Bounti Company Profile

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.