Local Bounti Corporation (NYSE:LOCL) Sees Significant Decline in Short Interest

Local Bounti Corporation (NYSE:LOCL) saw a significant drop in short interest in the month of May. As of May 29th, there was short interest totaling 81,723 shares, a drop of 52.1% from the May 14th total of 170,499 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average daily trading volume, of 43,445 shares, the days-to-cover ratio is currently 1.9 days.

Local Bounti Stock Up 0.9%

Shares of NYSE LOCL traded up $0.01 during trading on Friday, hitting $1.37. The company had a trading volume of 26,836 shares, compared to its average volume of 34,063. The stock has a fifty day simple moving average of $1.77 and a two-hundred day simple moving average of $1.86. Local Bounti has a fifty-two week low of $0.98 and a fifty-two week high of $4.00. The firm has a market capitalization of $31.28 million, a price-to-earnings ratio of -0.37 and a beta of 2.68.

Local Bounti (NYSE:LOCL) last announced its earnings results on Wednesday, May 13th. The company reported ($0.53) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.53). The company had revenue of $13.34 million during the quarter, compared to analyst estimates of $19.00 million.

Institutional Trading of Local Bounti

Institutional investors have recently modified their holdings of the stock. Walleye Trading LLC acquired a new stake in shares of Local Bounti in the fourth quarter valued at about $50,000. Outfitters Financial LLC lifted its stake in shares of Local Bounti by 99.4% in the fourth quarter. Outfitters Financial LLC now owns 30,291 shares of the company’s stock worth $65,000 after buying an additional 15,099 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new position in shares of Local Bounti in the fourth quarter worth about $121,000. Finally, Walleye Capital LLC purchased a new position in shares of Local Bounti in the fourth quarter worth about $691,000. Institutional investors and hedge funds own 28.01% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Local Bounti currently 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.